Egypt’s leading electronic payments company, Fawry plans to list shares on the Egyptian Exchange. This was first revealed by Mohamed Okasha, Fawry’s CO-founder and Managing Director in March 2019. Enterprise reported that Fawry will finally list 45% of its shares on the Egyptian Exchange in August.
Fawry was founded in 2008 by Ashraf Sabry and Mohamed Okasha. The company has since deployed over 250 electronic payment solutions through a network of over 100 000 service points across the country. Their offerings include ATMs, retail shops, post offices, mobile wallets and vendor kiosks. They also provide online payment gateways to businesses via credit cards issuance and mobile wallet services.
Fawry listing on the Egyptian Exchange would make it the largest offering Egypt has seen since Emaar Misr raised EGP 2.28 billion after going public in 2015. The e-payment platform is targeting between EGP 2 and 2.5 billion in the IPO. This will value Fawry at EGP 4.4 – 5.5 billion ($120 – $150 million) if it pulls through.
In 2015, Fawry exited a majority of its stakes to investors, comprising Egyptian-American Enterprise Fund, MENA Long-Term Value Fund, Helios Investment Partners, and the International Finance Corporation. The consortium acquired 85% stake in Fawry at a valuation of $100 million. Enterprise reported that the IPO may lead to a full or partial exit of 10 international major stakeholders.
Fawry recently signed a contract with Dubai Islamic Bank last month to test-run their e-payment solution in the UAE this summer. They plan to raise funds to increase points of sale, purchase new payment machines, and develop the Fawry Pay.
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