The initial public offering (IPO) of Ghazl El-Mahalla Football Company opened for subscription on June 12 and in just 48 hours approximately 61.5% of the shares for sale (98 million) were subscribed in a capital increase.
Subscription applications reached around 97 on Monday for a total of 605,000 shares.
The IPO lasts until July 1, while the private placement took place last November. The public subscription increases the company’s capital by EGP 98 million to EGP 200 million.
Individual and corporate investors can subscribe for Ghazl El-Mahalla Football Company shares by making subscription applications through brokerage companies by registering the client’s purchase order and paying 100% of the order value which is EGP 1.02 per share with a minimum subscription of 1,000 shares and a maximum of two million shares via the Egyptian Stock Exchange transaction system.
It is worth noting that the establishment of Ghazl El-Mahalla Football Company as the first Egyptian joint-stock company specializing in football was completed in January 2021 after being separated from Ghazl El-Mahalla Club, which is affiliated with Misr Spinning and Weaving company in El -Mahalla El-Kubra – one of the companies of the Ministry of Public Enterprises.
The capital of the company consists of shares in kind of the Misr Spinning and Weaving Company in Mahalla, worth about EGP 65 million, which gives it the right to use the name and the stadium for a period of 20 years. The capital was raised by EGP 37 million in a private placement to bring the total paid-in capital from EGP 98 million to EGP 102 million prior to the public offering.
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