Premium grocer Gourmet Egypt.com Foods S.A.E. (EGX:GOUR) listed on the Egyptian Exchange (EGX) on 10 February, following an initial public offering (IPO) of shares combined with a private placement to qualified investors. Gourmet produces and distributes high-quality food products in Egypt.

According to a statement by EFG Hermes, which was sole global coordinator and bookrunner: “The IPO has been heavily oversubscribed with the private tranche covered 12.2x and the public tranche was covered more than 55x. The IPO has seen strong participation from quality regional and international institutional investors, regional family offices in addition to strong local institutional and retail investors’ participation.”

The EGX has seen renewed interest in listings after the main index has gained 68% over the past 12 months. In December, the bourse’s chairman Islam Azzam told Al Arabiya Business that he anticipates eight listings in 2026, mainly from medical and tourism sectors, according to this report on Arab Finance.

Mobile trading draws people into EGX

Azzam also said the number of registered investors had climbed to 276,000, up 20% compared to the previous year. The expansion of mobile trading has played a key role in drawing younger participants in. He added that the EGX has met the qualitative criteria required by FTSE Russell to be classified as a developed market.

The EGX has transitioned into a joint-stock company and this is expected to lead to more advanced trading tools, including derivatives, market makers and short selling, which are scheduled to be implemented in the first quarter (Q1) of 2026.

An EGX press release says the IPO marks a milestone and reflects expectations that IPOs will return to the EGX in coming months.

The Gourmet Foods IPO raised nearly EGP 1.3 billion ($28m). The transaction involved the previous controlling shareholder, private equity firm and growth capital investor B Investments Holding S.A.E. and four individuals selling 190.5m shares, up to 47.6% of the share capital. The shares were offered at EGP 6.90 each after a book build established the price. The company has a total of 400m shares outstanding and the offer valued Gourmet Egypt at around EGP 2.8bn. B Investments retains 40% ownership.

Bloomberg reported that the shares climbed to EGP9.50 each in trading on the first day, up 38%, before paring some gains. They closed at EGP 9.22 each on 16 February, according to the EGX report.

Maged El-Ayouti, co-head of investment banking division at EFG Hermes, said he was proud of the success. “After a period of a soft IPO market, the debut of Gourmet today marks an important milestone for Egypt’s capital markets as the EGX’s first successful IPO of 2026, a year where we anticipate a recovery in the activity of new issuances following the increased international investor participation and rising liquidity from the local market.

“We remain committed to helping high-growth companies across the region access public markets, supporting their expansion, delivering value for shareholders, and contributing to the regional capital markets by adding more compelling stories that add to the depth of the exchanges.”

Michael Wright, Chairman of Gourmet Egypt, said that listing represents an important milestone as it supports the company’s expansion plans and boosts its capacity to achieve sustainable growth within a framework of implementing best governance and transparency practices.

According to an EGX press release. Islam Azzam, EGX chairman, said the trading and distribution sector is unique as it links production and consumption. Listings from different sectors provide broader opportunities for investors and supports market depth and efficiency in setting prices. He said there were already nine listed companies in the sector, six on the main market and three listed on the SME market.

Gourmet was established in 2006 and has grown to become a leading food retailer and manufacturer with 1,200 employees. Current operations cover:

• Food retailing: 19 stores strategically located across Egypt offering a wide range of groceries, high-quality fresh produce, and exclusive products
• Food manufacturing: Two manufacturing facilities produce Gourmet’s branded products including a meat and poultry facility and a kitchen which handles seven business lines ranging from pasta and oriental food to ice cream.
• E-Commerce platform where customers shop through a mobile application and website.

According to Bloomberg, “Gourmet sells premium foods including foie gras, Angus beef and European cheeses to the wealthier segment of the country’s population. In recent years it’s also expanded into ready-to-heat meals that it creates in its kitchens and has been growing its ‘Made by Gourmet’ brand.”

Photo: copyright Tom Minney from 2012