Top Egypt medical firm sees London IPO 11 times oversubscribed

The initial public offering (IPO) of Egypt's largest medical diagnostics company on the London Stock Exchange was 11.2 times oversubscribed, the advising bank said on Sunday, suggesting heavy foreign appetite for an Egyptian firm operating across the Middle East.

Integrated Diagnostics Holdings (IDH) said last week it had priced its offering of 65.2 million shares at an $4.45 per ordinary share, giving it a market capitalisation of $668 million.

The offering had "raised total demand in excess of $3.7 billion, which reflects an oversubscription ratio of 11.2x," EFG Hermes said in a statement released Sunday, adding that bids came from North American, European and Middle Eastern investors.

EFG Hermes was the joint global coordinator and joint bookrunner on the IPO, which offered 43.5 percent of IDH, excluding an additional 6.5 percent over-allotment option, the bank said.