EFG Hermes' valU Eyes IPO in 2023: Report

31/07/2022

Egyptian consumer finance firm valU, an EFG Hermes subsidiary, plans to launch an IPO on the Egyptian Exchange (EGX) in 2023, Al Shorouk News reported yesterday, citing unnamed sources.

The sources said the IPO is likely to take place next year; however, if the Egyptian market's conditions improve, the IPO could be made by late 2022.

EFG Hermes announced last week that Walid Hassouna, CEO of EFG Hermes' Non-Bank Financial Institutions (NBFI) platform, has left his role to become the CEO of valU.