Global law firm White & Case LLP and MHR & Partners have advised Gourmet Egypt.com Foods (Gourmet), a leading premium retail supermarket operator in the Arab Republic of Egypt, on its initial public offering (IPO) on the Egyptian Exchange (EGX).
"We advised Gourmet and its major shareholder B Investments, one of Egypt's leading private equity firms, on this milestone IPO – the first food and beverage retailer to debut on the EGX, which is considered to be among the top performing stock markets globally over the past year," said White & Case local partner Ahmed Bekheit. "Having worked closely with B Investments over the past eight years, we have now supported the company at this significant stage of its growth journey. The remarkable investor interest highlights Gourmet's strong market position and the increasing attractiveness of Egypt's capital markets."
The IPO comprised the sale of 190,516,824 ordinary shares, representing 47.6 percent of Gourmet's issued share capital, by its shareholders. EFG Hermes acted as sole global coordinator and bookrunner.
This listing marks the first food and beverage retailer on the EGX as well as the first listing on the EGX during 2026. The IPO was approximately 56 times oversubscribed in the retail offer and approximately 12.2 times oversubscribed in the private placement. The shares were priced at EGP 6.90 per share, at the top end of the price range, generating gross proceeds of approximately EGP 1.31 billion (approximately US$28 million) and implying a market capitalization at listing of approximately EGP 2.76 billion (approximately US$59 million).
The White & Case team in Cairo which advised on the transaction included Said Hanafi, Walid El Daly, Ahmed Bekheit and Mahmoud Ezz supported by relationship partner Tarek Mohanna. White & Case operates in Egypt through an association with MHR & Partners.
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