Egypt's Act Financial Eyes Q2 2024 IPO
The firm will be traded under the ticker symbol ACTF.CA.
Egypt-based investment management company Act Financial has secured approval for its listing on the Egyptian Exchange (EGX). The firm will be traded under the ticker symbol ACTF.CA.[1]
With the green light from EGX, Act Financial is going to proceed with its planned initial public offering (IPO) in the second quarter (Q2) of 2024. The IPO, which aims to bolster the company's capital base, will see 100% of the proceeds channeled towards expansion efforts without any exit strategy for existing shareholders.
While the specific details of the IPO are yet to be unveiled pending regulatory approvals, Act Financial intends to raise a substantial sum of EGP 700 million ($14.63 million) through the offering. This includes EGP 500 million ($10.45 million) from private placement and an additional EGP 200 million ($4.18 million) through the public offering.
Act Financial, established in 2015, has named Zilla Capital as its financial advisor and Matouk Bassiouny as its legal counsel.
Act Financial specializes in diverse forms of equity investments, engaging in buyouts, leveraged acquisitions, and a spectrum of liquid and illiquid investment opportunities.