​Ordinary shares of Cleopatra Hospital Company S.A.E. (stock code: CLHO.CA) will begin trading today on the Egyptian Exchange at 10:00am CLT, opening at EGP 9.00 per share.  Trading begins after a book-building process that saw selling shareholder Care Healthcare Limited offer 34 million shares to international institutional investors and a further 6 million shares to Egyptian retail investors (together, the “Combined Offer”). The institutional offering was 6.73x oversubscribed and the Egyptian retail offering 28.6x oversubscribed. International investors constituted the majority of orders for the institutional offering, demonstrating strong appetite for a solid platform operating in Egypt’s fast-growing healthcare sector. The transaction also underscores investor confidence in the broader Egyptian economy, where international investors continue to provide capital to catalyze sustainable long-term growth.  In total, the offering was 10.0x oversubscribed, generating demand for 400.3 million shares (or EGP 3,602.7 million in total demand). EFG Hermes Investment Banking was Sole Global Coordinator and Bookrunner for the offering. Freshfields Bruckhaus Deringer LLP was international counsel to the Issuer, while Zulficar & Partners were local counsel. Shearman & Sterling (London) LLP served as international counsel to the sole global coordinator and bookrunner, while Matouk Bassiouny was local counsel.   Cleopatra Hospital Company’s market capitalization at the opening bell stands at EGP 1.44 billion (c. USD 162.2 million). Commenting on the conclusion of the transaction, Cleopatra Hospital Company Chairman and CEO Dr. Ahmed Ezzeldin said: “We are honoured to join the ranks of publicly traded companies this morning. Our individual hospitals have long histories and are well-established brand names, but we are a new group with a singular focus on creating new shareholder value through our ongoing integration drive, the development of extensions of two of our existing hospitals, and the rollout of our polyclinic model in the Greater Cairo Area and, eventually, in high-demand centers nationwide. As we grow, our driving imperative is to create the leading integrated healthcare provider in Egypt, offering a platform of world-class quality medical facilities and services to enhance patients’ quality of life.” The Selling Shareholder is Care Healthcare Limited, which holds 99.99% of the share capital of Cleopatra Hospital Company. Care Healthcare Limited is beneficially owned, through intermediate wholly-owned subsidiaries, by Abraaj NAH Limited (a fund of The Abraaj Group, the Dubai-based private equity firm), the European Bank for Reconstruction and Development, Germany’s DEG and France’s Proparco. In connection with the Egyptian Retail Offer, EFG Hermes as Global Coordinator and Bookrunner, or any of its agents, may effect transactions in the shares of the Combined Offer with a view to supporting or maintaining the share price on the open market as per the stabilization mechanism stipulated in the Public Subscription Notice (“Stabilization”). Under the Stabilization mechanism, only subscribers to the Egyptian Retail Offer may place sell orders on their shares in amounts not exceeding the number of shares allotted them; these sell orders will be executed only at the Final Offer Price as of the date of the execution of the offer on the Egyptian Exchange.  The Selling Shareholder will receive all of the gross proceeds from the Combined Offer. Following completion of the Combined Offer, the Company will offer to the Selling Shareholder by way of a closed subscription (the “Closed Subscription”) the right to subscribe for up to 40 million new shares at the Offer Price. Following the completion of the Combined Offering and the Closed Subscription, the Company expects to have a free float of 20%, assuming no stabilizing purchases are made by the stabilizing manager and no shares are returned to the selling shareholders at the end of the stabilization period.  Commenting on the transaction, EFG Hermes Deputy Head of Investment Banking Mohamed Abou Samra said: “Cleopatra Hospital Company is our second IPO in two years of a business in Egypt’s exciting healthcare sector, following the lead of Abraaj’s Integrated Diagnostics Holdings. Cleopatra met with very strong demand from international and regional institutions and domestic retail investors alike, a testament to the sector’s strong fundamentals, the robustness of Egypt’s regulatory framework, and to our team’s ability to manage a very accelerated transaction and book-building process.” EFG Hermeshas now lead-managed and executed both IPOs to have come out of Egypt in 2016. During the past 26 months, EFG Hermes has also lead-managed and executed all international-standard IPOs — those executed in accordance with the international standards (Reg S / Rule 144A) — originating from Egypt and worked on all international-standard IPOs originating from the United Arab Emirates in the same period. The firm closed 2015 atop the Thomson Reuters MENA Equity Capital Markets League table. ​