Egyptian food retailer Gourmet to float 47.6% of shares

CAIRO, Jan 18 (Reuters) - Egyptian high-end food retailer Gourmet plans to sell 47.6% of its shares in February in an initial public offering on the Egypt stock exchange, it said on Sunday.

It will sell the shares in private and public offerings, pending appovals from the Egyptian Exchange and the Financial Regulatory Authority, with the price based on a book building process.

The company will use the capital to expand its retail and home delivery networks and manufacturing operations, it said in a press release. It now has 21 stores in Egypt.

Gourmet, founded in 2006, earned a net profit in 2024 of 135 million Egyptian pounds ($2.86 million) on revenue of 2.09 billion pounds.

($1 = 47.2700 Egyptian pounds)