Thursday April 17, 08:21 AM
Palm Hills IPO price range 19.25-25 Egyptian pounds/share
LONDON (Thomson Financial) - Palm Hills Developments S.A.E. said the indicative price range of its shares for listing on the Cairo and Alexandria Stock Exchange will be 19.25 to 25 Egyptian pounds per share, while the price range of its global
depositary receipts (GDRs) for listing on the London Stock Exchange (LSE: LSE.L - news) will be $17.72 to $23.01 per GDR.
The Egyptian real estate developer said the indicative price implies a market capitalisation of between 9 billion Egyptian pounds and 11.6 billion Egyptian pounds or $1.7 billion to $2.1 billion.
Palm Hills said its global offering comprises up to 63.4 million shares to be offered in the form of shares and GDRs, with each GDR representing five shares.
In addition, up to 9.5 million shares may be offered pursuant to an over-allotment option, the company said.
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