Zawya - News: Strong gains for Egyptian "Qura Energy" stock on its first day of trading on the Egyptian Stock Exchange

Fatima Al-Kashef

The share price of Qura Energy, an Egyptian energy and investment company, jumped during its first day of trading on the Egyptian Stock Exchange on Thursday.

The company, which was founded in 1997 and works in providing energy efficiency solutions and contracting services, had carried out an initial public offering of 11% of its shares on the stock exchange at a price of 2.97 pounds per share in two tranches, with a total value of about 735.1 million pounds.

By 10:30 a.m. during Thursday's trading, the share price had reached approximately 3.66 pounds, an increase of more than 23% over the subscription price.

This is the second initial public offering (IPO) on the Egyptian Stock Exchange this year, after the market welcomed Gourmet Food shares last February, amid expectations of a revival in offerings supported by accelerating the pace of government offerings.

(Prepared by: Fatima Al-Kashef, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com )

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