The volume initial public offering (IPO) achieved in the first half of 2015 has approached EGP 5bn, head of the Egyptian Stock Market (EGX) Mohamed Omran said on Tuesday.

The volume of fund, which the Egyptian stock market has provided for listed companies, has exceeded EGP 20bn since 30 June 2013, Omran added.

Omran made the statements during his participation in the regional conference for IPOs, organised by Bloomberg in Dubai, with the attendance of leading financial and consultancy companies in the region.

Omran will review, during the conference, the experience of the Egyptian stock market in increasing the number of listed companies amid the economic turmoil, according to an EGX statement.

The stock has succeeded in attracting IPOs following procedures to improve the investment climate and remove obstacles in front of investors, Omran noted.
Fiscal year (FY) 2014/2015 was a remarkable year for the Egyptian Stock Exchange as over 20 companies have been listed on the EGX with over EGP 5bn in capital since May 2014.

Omran said in earlier statements that this “success” came after the first summit for the initial public offering (IPOs) that took place in May 2014. This gathered companies and officials to define and analyse the Egyptian companies’ listing in the stock market.

Days before the summit, the first IPO held after the January 2011 Revolution was launched by Arabian Cement Company in May, with the company aiming to raise $100m by listing on the EGX.