Fawry for Banking Technology and Electronic Payment is officially a Unicorn, Fawry’s former Managing Director Mohamed Okasha announced on his LinkedIn account, clarifying that the company’s market capitalization hit $1 billion.
A unicorn is a business term to indicate a privately held startup company valued at over $1 billion.
Fawry is the first Egyptian company to reach a market cap of $1 billion.
Fawry, currently owned by five local, foreign and Arab funds, was established in 2009 and is operating in the field of banking technology and provides financial services to individuals and companies. The management and employees account for about 8 per cent of the company’s shares.
The company has about 20 million customers, according to its data, and deals with 2.1 million transactions daily.
Fawry offered 36 per cent of its shares on the Egyptian Exchange (EGX) in 2019 to collect LE 1.6 billion; of which about 21 per cent will be offered to Actis, Banque Misr and National Bank of Egypt at 7 per cent each. The remaining 15 per cent is divided into a public offering of small investors by about 5 per cent, and 10 per cent are floated to financial institutions and major investors.
EGX’s data revealed earlier that initial public offering’s (IPO) of digital payment company Fawry on EGX was oversubscribed by 30.3 times at LE 6.46 per share.
Fawry recorded an 82-percent hike in its consolidated profits during the first quarter of 2020, reaching LE 38.04 million, up from LE 20.9 million during the same quarter of 2019.
The company’s revenues rose to LE 257.99 million, compared to LE 173.88 million during the same period of 2019.
Culled from Egypttoday
