EGYPT TELECOM IPO LOOKS LIKE BEING HEAVILY OVERSUBSCRIBED

Mergers, Acquisitions and Financial Results

Retail investors bidding for shares in the Telecom Egypt (TE) IPO received 10.6 percent of the number of shares they asked for, Egypt's stock exchange said in a statement on Thursday, a day after bidding closed.

Retail bidders could buy a maximum of 10,000 of the 154 million shares available to the public. Demand hit 1.45 billion shares, a source close to the IPO said.

About 340 million shares in total were on offer in the IPO. Half were reserved for investment institutions, and after the deduction of shares sold to retail investors, the remainder was set aside for TE employees.

Shares were priced at 15.56 Egyptian pounds ($2.71) for investment institutions and 14.80 pounds for retail investors.

The partial privatisation of TE, which has a landline monopoly in the Arab world's most populous nation, was one of the largest since a cabinet of economic liberals took office in July 2004. The offering was worth about 5.2 billion pounds.

Reuters