Talaat IPO 40 times oversubscribed

Egyptian real estate firm Talaat Mustafa Group's initial public offering received applications for 29.6 billion Egyptian pounds' ($5.4 billion) worth of shares, 41.4 times the amount on offer, the company said on Wednesday.

Chairman Hesham Talaat Mustafa told Reuters in an interview that shares worth 715 million pounds would be allocated on a pro-rata basis of 2.415% of the amount sought.

Trading on the shares will begin on November 28, and the company also plans an international listing.

"As soon as December we will begin working on listing our shares in international markets," Talaat Mustafa said.

The Talaat Mustafa Group said on November 5 that it would sell a total of 396 million shares to both public and private investors to raise up to $900 million to fund projects in Egypt and the Middle East.

A private placement of 330 million shares, which ended on Thursday, was 17 times oversubscribed and shares were sold for 3.83 billion pounds, the company said in a news release on Friday. (Reuters)

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