Egyptian construction firm Hassan Allam has announced it will float up to 44.3% of its shares on the London Stock Exchange (LSE) and the Egyptian Exchange (EGX).
The company said it intents to use the proceeds of the capital raise to develop a portfolio of solar assets in partnership with Lightsource BP – Europe’s biggest solar developer.
The IPO will also fund Hassan Allam’s water platform and allow it to acquire a speciality engineering company, while also supporting the continued growth of its construction and building materials businesses.
Hassan Allam said that Renaissance Capital and EFG Hermes will be joint global coordinators for the sale and will be the bookrunners of the IPO in partnership with Arqaam Capital.
The announcement of the sale comes after a surge of private and public offerings that will test investor appetite in Egypt, at a time of emerging market turbulence.
Hassan Allam employs more than 34,000 people in Egypt and in Saudia Arabia and Algeria, through subsidiaries.