e-finance Chairman Ibrahim Sarhan
e-finance Chairman Ibrahim Sarhan

e-finance IPO to Launch in Q1 2021


The IPO of state-owned financial technology company e-finance will be rolled out in the first quarter of 2021, e-finance Chairman Ibrahim Sarhan told reporters on the sidelines of a conference.

He added that e-finance's board will meet in February to settle on the details of the IPO after viewing the company's financial statements.

Sarhan said that the necessary procedures for the IPO to go forward, including valuation, have been completed.

Like other companies included in the government IPO program, e-finance has seen its IPO date postponed several times.

Minister of Public Enterprise Sector Hesham Tawfik said at the start of the year that the IPOs of Banque du Caire and e-finance will form part of the government IPO program's second phase, which is scheduled to follow the completion of the ongoing first phase.

So far, that phase has seen only one IPO, of a 4.5 percent stake in Eastern Company.