valU Eyes Offering 25% Stake on EGX Within 1 Year
Egyptian fintech platform Valu plans to make its EGX debut within a year.
valU, a subsidiary of EFG Holding, is gearing up to list a stake of 20% to 25% in an initial public offering (IPO) on the Egyptian Exchange (EGX) within the next 12 months, Valu’s CEO, Walid Hassouna, told Asharq Business.[1]
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Hassouna also announced that EFG Holding has been appointed as the financial advisor for the IPO, alongside another advisory entity.
Amidst its preparations, valU aims to increase its sales through its platform by a substantial 40% year-on-year (YoY) in 2024, projecting a rise from EGP 9.2 billion to EGP 13 billion.
Additionally, the company is actively engaged in diversifying its financial instruments, with plans to issue securitized bonds amounting to approximately EGP 900 million before the end of March, part of its larger goal of issuing EGP 4 billion worth of bonds in 2024.
Additionally, Hassouna disclosed that valU had applied to the Central Bank of Jordan (CBJ) for a specialized financing license with self-raised funds of up to $7.5 million backing.
This specialized license, once obtained, will empower valU to broaden its portfolio of services, extending into consumer finance offerings, in addition to facilitating financing for small- and medium-sized enterprises (SMEs).
Established in 2017, valU is a buy now, pay later (BNPL) platform. valU introduces customizable financing plans stretching up to 60 months, catering to diverse lifestyle needs.
It boasts an extensive network comprising over 5,000 physical retail outlets and 330 online platforms.