The International Printing and Packaging Company (IPP) will reoffer 10% of its shares in the stock exchange in December, according to a statement by Mustafa Nagy, director of investor relations in the company. Nagy said the decision was taken after conditions on the stock exchange improved following the flotation of the Egyptian pound and a clear desire to purchase stocks were expressed by investors.
At EGP 1.3 per share, IPP failed to launch 10% of its shares in October, where it received a purchase demand for only 115,000 of an estimated 7.9 million shares, equivalent to 1.4% of the total offered amount. The company had requested a three-month grace period, which is set to end on 6 January, before offering the shares again. Nagy stressed that his company’s deal with the companies to manage the offering in the stock exchange will continue, including Mega Investments Securities and Zahra Civil Bureau for Legal Consultations.
Nagy pointed out that the main goal of offering the shares of the company is to obtain finances for its future expansions in the Industrial Zone in 10th of Ramadan City where it currently owns and operates a factory. On 17 June 2015, IPP had issued 79 million shares at EGP 1 per share.