Raya Holding for Financial Investments Raya Holding, the Egyptian conglomerate led by tycoon Medhat Khalil, has set its sights on listing its information technology IT unit, Raya Information Technology Raya IT, on the Egyptian Exchange EGX in October 2024.
The subsidiary's planned listing is one of three - Raya IT, Raya for Trade and Distribution, and Aman Consumer Finance - that Raya Holding, under Medhat Khalil's leadership, had previously placed on hold until market conditions improved.
Raya IT IPO in October, EFG Hermes starts promotionThe announcement, made by Hossam Hussein, Chief Financial Officer CFO of Raya Holding, follows headlines in March about Raya IT's announcement in March of a planned strategic acquisition to diversify its business and bolster operational capabilities.
In his statement, Hussein disclosed the conglomerate's intention to offer 30 percent of Raya IT on the EGX in October. He added that EFG Hermes, the IPO advisor, has already begun initial promotion abroad to gauge investor appetite for the offering.
