01-05-2025
Egypt's Korra Energi to boost capital through IPO: Chairman
Egypt's energy solutions firm Korra Energi aims to use nearly 70% of the proceeds from its upcoming initial public offering (IPO) on the Egyptian Stock Exchange this year to boost capital and fund expansions, the company's Chairman Ayman Korra told Zawya.
The company had planned to offer 20% of its shares in the first half of 2025 and the IPO was provisionally listed on the Egyptian bourse for issuance last December.
However, Korra now expects the process to be delayed until the beginning of the second half of this year to complete the necessary procedures.
'70% (of the IPO's proceeds) will go towards increasing the capital, including financing expansions. The remaining portion will likely go to the shareholders,' Korra said.
The chairman said he expects private placement to account for 80% of the offered shares, while 20% to be in public offering. Korra Energi has selected Professionals for Investment Banking company as the advisor for the planned IPO.
Korra said the company plans to expand locally and internationally and is currently working to open branches in Saudi Arabia and Iraq this year. This will be followed by a study of available projects, he added.
Founded in 1997, Korra Energi specializes in providing energy efficiency solutions and contracting services. Its issued capital is around EGP450 million ($8.8 million).
