February 8, 2016

With a population of 90 million, and a rapidly growing food sector, Egypt’s Arabian Food Industries Co., also known as Domty, is leveraging increased investor interest and is planning an initial public offering (IPO) to take place in March on the Cairo bourse, reports Reuters. Company chairman and managing director, Omar El Damaty confirmed the planned float, which according to market sources is aiming to raise approximately 1 billion Egyptian pounds (US$127.7 million) through the action, according to Gulf News.

Following the Arab Spring uprising in 2008, Egypt saw years of social-economic instability, however, reforms initiated by President Abdel Fattah al-Sisi have brought with them renewed stability and growing investor confidence leading to a string of listings and mergers.

Prior to Domty’s announcement, Egyptian food company, Edita listed 30% of its shares last April and was significantly oversubscribed, while Arab Dairy was courting heavy investor interest prior to Pioneer Holding acquiring it in March 2015.

Domty is a leading dairy, cheese, and juice producer with two factories surrounding Cairo. The firm plans a future expansion to production to include cartooned milk and yogurt products in addition to its current offerings.