Hossam Hussein, CFO of Raya Holding for Financial Investments, said the company plans to offer 30-35% of its subsidiary, Raya Information Technology, in an initial public offering (IPO) in the first half of 2024.

Raya Information Technology has grown significantly, with its business volume expanding rapidly. This growth has prepared the company for its entry into the Egyptian stock market.

Hussein also said that EFG Hermes, a leading investment bank, will manage the public offering process.

He added: “Raya Information Technology has met all the requirements for listing and offering on the Egyptian Stock Exchange,” noting that Raya IT had been working hard for this important milestone for a long time.

Raya IT has achieved impressive revenues of about 5 billion EGP and expects a 30% growth rate in the next year, Hussein said.

He also said that the company is evaluating the possibility of a potential offering. With their advisors, led by Hermes, part of the offering could be used to increase capital, while another part could be for a partial exit strategy.

Hussein emphasized that Raya Information Technology has a major expansion plan in the local and Gulf markets, aiming to boost its business volume in Saudi Arabia and acquire a local company.

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