Valu, a subsidiary of EFG Holding Company (CASE:HRHO), is looking forward to filing an initial public offering (IPO) on the Egyptian Exchange (EGX) within 12 months to list a 20% to 25% stake, Valu?s CEO Walid Hassouna told Asharq Business. The company is preparing well for the IPO, seeking to attract new capital, Hassouna noted. Moreover, he added that EFG Hermes will be the IPO?s financial advisor, along with another advisor.

Valu targets upping its sales via its platform by 40% year on year (YoY) in 2024 to EGP 13 billion from EGP 9.2 billion, Hassouna highlighted. He also pointed out that the firm is working on issuing securitized bonds worth around EGP 900 million before end-March from the EGP 4 billion bonds targeted in 2024. Furthermore, Hassouna revealed that Valu had submitted a request to the Central Bank of Jordan (CBJ) to obtain a specialized financing license with self-raised funds of up to $7.5 million.

The license will allow Valu to offer consumer finance services, in addition to financing small- and medium-sized enterprises (SMEs).