Arab world's first football team to go public seeks $8.6 million

An Egyptian soccer club is seeking to raise as much as 135 million Egyptian pounds ($8.6 million) from an initial public offering on the country’s stock exchange, a first of its kind for the Arab world.

Ghazl El Mahalla Sporting Club completed a private placement of 37 million pounds ahead of its IPO, according to a statement from the Public Enterprise Ministry. It will issue a prospectus for its 98 million pounds public offering “soon”, it said.

The company is seeking to sell a more than 60 per cent stake and expects a market capitalisation of 200 million pounds. Cairo-based Prime Holding is the financial adviser on the deal.