HC raised LE 260 million for “Ataqa Steel”
January 12th, 2014 – HC has successfully managed the IPO of 10% of Misr National Steel Company “Ataqa” shares in the Egyptian Exchange Market. The IPO offered 3 million shares at a total value of almost LE 60 million.According to statements issued by the Egyptian Exchange after the closing of the Offering on Thursday January 9th, the IPO has been oversubscribed 4.5 times as orders exceeded 13.5 million shares at a value of LE 260 million. Egyptian institutions, investments funds, and high networth retail investors have shown strong interest.
Commenting on the IPO, Shawkat El-Maraghy – Managing Director of HC Brokerage said “HC through the continuous efforts of its employees and its strong network with investors, has managed to promote the IPO despite the recent political turmoil that the Country has witnessed. The strong demand reflects the trust of the investment funds, institutions and investors in the Offering and the promising future of the Egyptian market. It also reflects the market needs for new issues after a long dry period in which there were very limited offerings.”
It is noteworthy that HC Brokerage occupied the third position in the annual ranking of brokerage firms operating in Egypt in terms of transactions value for the year 2013 with a market share of approx. 6.3%. HC also occupied the top position in the OTC market with a market share of 37% after executing a number of important deals in 2013.