Egyptian fintech Valu’s market cap reached $370 million as of close of trading today, following a blockbuster debut on the Egyptian Exchange (EGX) last week that saw shares surge 852.4% from their opening price of EGP 0.78 to close at EGP 7.40, hitting the maximum price ceiling allowed for first-day trading. The stock closed today at EGP 8.71.
The listing is significant as Valu became the first consumer finance company to trade on the EGX through an unconventional path that bypassed traditional IPO fundraising and capital raising.
Unlike conventional IPOs, Valu’s parent company EFG Holding distributed shares to its existing shareholders as a…
