Although no date has been given for the listing of Bonyan for Development and Trade on the Egyptian Exchange, the listing is anticipated for next month, June 2025. It will be an Initial Public Offer (IPO) in which the sole shareholder, Sky Realty Holding Limited, will sell 33.33% of its shares in the real estate investment and operating company.
According to the press release of 21 May (available here via Enterprise news website): “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 offer of up to 551,333,333 shares will be:
- Institutional offer: Placement to certain qualified investors. Previously the company said it aims to cover 90% through the institutional offer.
- Retail offer.
Both will be at the same price. The seller, Sky Realty, says it will use some of the offer proceeds to increase the capital of the company at the same share price.
Bonyan has appointed CI Capital Investment Banking S.A.E and Arqaam Capital as global coordinators and bookrunners, and Mubasher Capital Holding for Financial Investments as a placement agent. Lawyer Maatouk, Bassiouny and Hennawy will be counsel to the issuer for the offer.
Shamel Aboul Fadl, Bonyan’s Executive Chairman, said: “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 owns, manages and leases its commercial assets and has grown its built-up area (BUA) nearly threefold since 2017 from 4 tenants, to a total of 10 commercial assets covering 146,000 square metres (BUA) with 119 tenants. The company says the portfolio includes a significant portion of Grade A office buildings.
According to this news report, Bonyan started its roadshow after Eid (29-30 March) in Egypt and planned to visit Saudi Arabia, the UAE, and Oman. Depending on share price, the stake on offer could be worth EGP 4.4bn ($88m) putting the market capitalization at EGP 13bn.
