Bonyan for Development and Trade (“Bonyan”, the “Company” or the “Issuer”), Egypt’s leading pure play real estate investment company, announces today, its intention to proceed with an initial public offering (the “IPO” or the “Offering”) and list its shares on the Egyptian Stock Exchange (the “EGX”).
Bonyan is currently in the process of obtaining the required approvals with regards to the Offering, including approval of the public subscription notice (the “PSN”) and any other approvals from the Financial Regulatory Authority (“FRA”). Completion of the Offering is expected to take place in Q2 2025, subject to obtaining the relevant regulatory approvals and prevailing market conditions.
The Offering is expected to consist of a secondary sale of shares by Sky Realty Holding Limited (the “Selling Shareholder”) of up to 551,333,333 ordinary shares on the EGX, representing up to 33.33% of the Company’s share capital.
The Offering will include:
- A placement to certain qualified investors (the “Institutional Offering”); and
- A retail offering to retail investors (the “Retail Offering”).
Both the Institutional Offering and Retail Offering (the “Combined Offering”) will be offered at the same price per share (the “Offer Price”).
Following the Combined Offering, a capital increase will take place through a subscription limited to the Selling Shareholder, whereby the Selling Shareholder will use a portion of its proceeds from the Combined Offering to subscribe at the Offer Price.
Bonyan has engaged CI Capital Investment Banking S.A.E (“CI Capital”) and Arqaam Capital for Promoting & Underwriting and Financial Advisory on Financial Securities S.A.E (“Arqaam Capital”) to act as Global Coordinators and Bookrunners for the Offering and Mubasher Capital Holding for Financial Investments has been appointed as a placement agent. Maatouk, Bassiouny and Hennawy has been appointed as counsel to the Issuer in the Offering.
Commenting on the Offering, Bonyan’s Executive Chairman, Shamel Aboul Fadl said: “We are thrilled to embark on this new milestone in Bonyan’s journey, showcasing the strength of its asset portfolio and our commitment to its long-term view. We believe this IPO will address a fundamentally underpenetrated and underrepresented market in Egypt while helping Bonyan further enhance its portfolio and, consequently, its market-leading position across the real estate investment sector.”
Bonyan’s Chief Executive Officer, Tarek Abdel Rahman said “Although real estate remains one of the largest and most preferred investment sectors in Egypt, real estate investment companies are notably underrepresented on the EGX. We believe that Bonyan’s offering will address this gap, and help overcome many of the challenges currently associated with traditional real estate investments.”
