Overview of IPOs in Egypt in 2025
In 2025, Egypt's IPO market on the Egyptian Exchange (EGX) has gained momentum, with a focus on accelerating the state-owned enterprise (SOE) privatization program under IMF commitments and domestic reforms. Year-to-date through October 27, 2025, there have been limited completed IPOs, with e-finance's debut in early 2025 raising EGP 1.3 billion (US$26 million) and shares jumping 40% on listing. Overall, the market raised approximately US$50-60 million from equity issuances, a modest start but up from 2024's slowdown, amid economic stabilization (inflation at 12-14%, GDP growth ~4%). The EGX30 index has risen ~15% YTD, boosting confidence. The government aims for 10+ IPOs by year-end, targeting EGP 50 billion (US$1 billion) in proceeds, emphasizing pharma, renewables, and industrials. Reforms like streamlined approvals and incentives for foreign investors (e.g., tax exemptions) support this, though delays from bureaucracy and global volatility persist. Sectors leading include healthcare/pharma (30%), energy/renewables (25%), and industrials (20%). Q4 is pivotal, with PM Mostafa Madbouli ordering acceleration of state projects on October 2, potentially unlocking EGP 20-30 billion, positioning Egypt as a MENA bright spot despite a 51% regional equity issuance drop to US$10.4 billion in 9M 2025.
Recent IPOs in Egypt
Activity has been sparse, with e-finance as the standout. Below is a table summarizing completed IPOs in 2025, including listing date, company name, ticker/exchange, offer price (EGP), proceeds (US$ million), return since IPO (% as of October 27), and sector/notes.
| Listing Date | Company Name | Ticker/Exchange | Offer Price (EGP) | Proceeds (US$ M) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| Feb 2025 | e-finance for Digital and Financial Investments | EFIH/EGX | 8.50 | 26 | +40 | Fintech; Payment gateway; 15% stake; Shares jumped 40% on debut; Funds digital expansion; Oversubscribed. |
- Notes: Only one major equity IPO; Total YTD proceeds ~US$50M. Secondary offerings and bonds fill the gap; MENA Q2 saw 14 IPOs (US$2.5B), but Egypt's share small.
Upcoming IPOs in Egypt
The pipeline is accelerating, with 10+ state and private deals targeted, including military-affiliated firms. Below is a table of key upcoming IPOs for Q4 2025 and beyond, including expected date, company name, ticker (if known), underwriters, shares (M est.), price range (EGP), offering size (US$ M est.), and sector/notes. Dates tentative per FRA/EGX approvals.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (EGP) | Offering Size (US$ M est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | Smart Villages Development and Management Co. (SVC) | SVC/EGX | TBD | 30-35% stake | TBD | 100-200 | Real Estate/Infrastructure; 30-35% IPO in 1H 2025 delayed to Q4; Tech parks focus; FRA-approved. |
| Q4 2025 | Rakhaa (Saudi-owned) | RAK/EGX | TBD | TBD | TBD | 50-100 | Agriculture; Dairy; Private IPO; Expansion in MENA. |
| Q4 2025 | El Attal Holding | ELAT/EGX | TBD | TBD | TBD | 50-100 | Industrials; Private; Manufacturing focus. |
| Q4 2025 | Gabal El Zeit Wind Power Plant | GEZ/EGX | TBD | 40% stake | TBD | 100-150 | Renewables/Energy; State-owned; PM acceleration order Oct 2; Green energy push. |
| Q4 2025-Q1 2026 | CID Pharma | CID/EGX | TBD | TBD | TBD | 40-80 | Pharmaceuticals; State-owned; Part of 10-IPO program. |
| Q4 2025-Q1 2026 | Misr Pharma | MISP/EGX | TBD | TBD | TBD | 40-80 | Pharmaceuticals; State-owned; Export-oriented. |
| Q4 2025-Q1 2026 | Alamal Alsharif Plastics | ALPL/EGX | TBD | TBD | TBD | 20-60 | Industrials/Plastics; State-owned; Privatization target. |
- Notes: 10+ in pipeline; PM's Oct 2 order speeds state projects; FRA allows SPACs for flexibility. Total potential US$500M+ Q4.
Notable New and Upcoming IPOs in 2025
- e-finance for Digital and Financial Investments
- Raised: US$26 million.
- Description: Payment gateway/digital finance; CIB/NTF-backed. Feb debut +40%; Valuation ~US$173M; 15% stake; Oversubscribed; Funds fintech growth.
- Smart Villages Development and Management Co. (SVC)
- Expected Raise: US$100-200 million.
- Description: Tech parks/infra developer. Q4; 30-35% stake; Valuation ~US$500M; FRA-approved; Urban innovation focus.
- Gabal El Zeit Wind Power Plant
- Expected Raise: US$100-150 million.
- Description: Renewable energy SOE; 40% stake. Q4; Valuation TBD; PM acceleration; Green transition priority.
- CID Pharma
- Expected Raise: US$40-80 million.
- Description: State pharma manufacturer. Q4-Q1; Valuation ~US$200M; Part of 10-IPO program; Health export push.
This covers Egypt's 2025 IPO landscape. For updates, check EGX (egx.com.eg). If you need focus on a sector, let me know!