Egypt's stock exchange (EGX) ended August on high note powered by the successful initial public offering of digital bill payments company Fawry. Fawry floated 36 percent stake in an initial public offering in EGX, offering up to 254,629 million shares, including 31 percent as a private placement for institutional investors and 5 percent as an IPO for retail investors in Egypt. The initial public offering was oversubscribed by 30.3 times at a price of 6.46 pounds. Shares of Fawry soared nearly 31.3 percent in their public trading debut on August 9, valuing the company at 394.3 million Egyptian pounds ($23.8 million). EFG Hermes acted as the sole global coordinator and bookrunner for Fawry's combined offering. Zulficar and Partners was the combined offering's local counsel. Zaki Hashem and Partners was the local counsel to the issuer. Indices The benchmark EGX 30 index climbed 10.77 percent to close at 14,835.36 points on Thursday, August 29's trading. Sustainability index S&P/EGX ESG also hiked 9.09 percent to 2,246.23 points. The fixed-weighted index EGX 30 Capped jumped 10.76 percent to close the month at 18,063.67 points. Meanwhile, the EGX70 index rose 6.35 percent to 553.34 points, while the broad ranged EGX 100 index grew 8.02 percent to 1,455.08 points. Market capitalisation rose 7.71 percent to close at 770.2 billion Egyptian pounds ($46.6 billion) in August from 715.1 billion pounds in June.
