New Delhi, May 23 -- Egyptian private equity firm Compass Capital-owned real estate investment platform Bonyan for Development and Trade plans to float an initial public offering and list on the Egyptian Exchange (EGX).
The Giza-headquartered company said in a statement it aims for the public listing by the second quarter amid prevailing market conditions and following relevant regulatory approvals, including clearances from the Financial Regulatory Authority.
Bonyan, a multi-strategy real estate investment platform, focuses on offices, logistics, and retail and generates shareholder returns through capital appreciation and rental yield. Bonyan, which buys and operates commercial assets, was acquired by Compass Capital in 2018, with only a single asset-Designopolis. Following that, Bonyan made a series of acquisitions including a portfolio of buildings from Namaa in 2022 and a Redcon property in 2024, its eighth acquisition.
"We believe this IPO will address a fundamentally underpenetrated and underrepresented market in Egypt, while enabling Bonyan to further expand its portfolio and strengthen its market leadership in the real estate investment sector," said Shamel Aboul Fadl, executive chairperson, Bonyan.
The IPO is expected to comprise the secondary sale of shares by Sky Realty Holding Ltd of up to 551.333 million ordinary shares on the EGX, accounting for up to 33.33% of the company's share capital. The offering will include an institutional offering, a placement to certain qualified investors, and a retail offering.
"We believe Bonyan's listing will help bridge this gap and provide a more accessible alternative to traditional real estate investments," said Tarek Abdel Rahman, the firm's CEO.
Published by HT Digital Content Services with permission from VC Circle.