Korra Energi, an Egyptian energy solutions firm, is set to use nearly 70% of the proceeds from its upcoming initial public offering (IPO) on the Egyptian Stock Exchange to enhance its capital and finance expansion projects. The company’s Chairman, Ayman Korra, shared these details in an interview with Zawya.

Initially, Korra Energi planned to offer 20% of its shares in the first half of 2025, with the IPO provisionally listed on the Egyptian bourse for issuance last December. However, Korra indicated that the process might be delayed until the beginning of the second half of this year to finalize the necessary procedures.

Korra stated that “70% (of the IPO’s proceeds) will go towards increasing the capital, including financing expansions. The remaining portion will likely go to the shareholders.” He also mentioned that private placements are expected to make up 80% of the offered shares, with the remaining 20% available for public offering. The company has appointed Professionals for Investment Banking as its advisor for the planned IPO.

In addition to the IPO, Korra Energi is looking to expand both locally and internationally, with plans to open branches in Saudi Arabia and Iraq this year. Following this, the company will assess available projects for further growth opportunities. Founded in 1997, Korra Energi specializes in energy efficiency solutions and contracting services, boasting an issued capital of approximately EGP450 million ($8.8 million).