Ahmed Nabil lost around 40% of the capital he had invested in the Egyptian Exchange (EGX) when the market was hit hard by the pandemic last year.
For a year and a half, the Egyptian banker refrained from trading, out of fear of further deepening his woes amid longstanding repercussions of Covid-19 on the economy and ensuing market volatility.
He only had a change of heart when the anticipated initial public offering (IPO) of fintech company e-finance was launched, raising hopes that he could make up for some of his losses.
First state company listed in two years
e-finance, the company exclusively managing and developing the government’s financial network, was the first state company to be listed on the EGX in over two years.
Founded in 2005, e-finance floated a 26.1% stake in a LE5.84bn ($372m) offering as Egypt’s largest two banks – National Bank of Egypt and Banque Misr – were selling shares.
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