By anyone’s definition, 41 times over-subscribed is very much over-subscribed. That is what the Talaat Mostafa Group, a real estate company with hotel interests, achieved last month in one of the largest flotations in the 150-year history of the Cairo and Alexandria Stock Exchange.
The company said last month it had received offers worth a total of E£29.6bn ($5.4bn) and that shares worth E£715m would be handed out on a pro-rata basis. A private placement for institutions was 17 times over-subscribed, according to market participants.
