Fawry, owned by local and foreign investment banks, was founded in 2009. It also operates in the banking technology field and provides services to individuals and companies. Management and employees hold around 8% of its shares. Local newspaper Al-Borsa reported on Wednesday, citing unnamed sources, that Fawry plans to list 45% of its shares on Egypt’s stock market in the coming weeks to raise about 2.5 billion Egyptian pounds ($150.74 million). Al-Borsa said EFG Hermes would manage the IPO and Zulficar & Partners would serve as legal counsel.

https://www.reuters.com/article/egypt-economy-fawry-ipo/update-1-egyptian-digital-payments-company-fawry-preparing-for-ipo-idUSL8N24B1F4