Baker & McKenzie Continues Run of Egyptian IPOs
10 December 2010
London, United Kingdom, 10 December 2010 - Baker & McKenzie has advised on the second Egyptian initial public offering (IPO) this year, which is one of only two IPOs from Egypt since the start of the global financial crisis in 2008.
A team from London and Cairo advised Amer Group Holding, an Egyptian real estate developer of resort properties, entertainment malls and restaurants on its US$200 million IPO and listing on the Egyptian Stock Exchange. The offering was significantly over-subscribed and attracted investor interest from Europe and the United States, as well as the MENA region.
London Capital Markets Partner Tom Philipp, who led on the transaction, said: "We are pleased with the renewed activity in the Egyptian IPO market, where we have acted on all major IPOs prior to and since the downturn. Despite ongoing market uncertainties, the success of the Amer offering reflects continuing investor interest in the Egyptian real estate development sector, which was the source of the second and third largest Egyptian IPOs to date, on which we also advised."
Baker & McKenzie also acted on the US$180.5 million IPO of Egyptian dairy company Juhayna Food Industries in June 2010, the only other IPO to close in Egypt since the downturn. It also advised on the US$891m IPO of Telecom Egypt in 2005, the US$700m IPO of Talaat Mostafa Group Holding Company in 2007 and the US$343 IPO of Palm Hills Developments in 2008, the three largest Egyptian IPOs to date.
Tom Philipp worked on the deal alongside London associate Laureen Kuzur and a Cairo team led by partners Mohamad Talaat and Ehab Taha. Underwriters Beltone Financial were represented by Cleary Gottlieb Steen & Hamilton.