Report: Egyptian buyout firm eyes IPO

Egyptian buyout firm Citadel Capital has reportedly begun preparing for a $200 million listing in the second half of this year.

Egyptian buyout firm Citadel Capital intends to go public in the second half of 2008, raising as much as $200 million (€135 million) in capital, according to news agency Bloomberg News.

The firm has entered into talks with four international banks and is currently deciding whether to go public on the Cairo, London or Dubai stock exchange.

Citadel’s current shareholder capital is approximately $300 million. Funds raised in the IPO will be used for new energy, food and manufacturing investment ventures.

In going public, Citadel will join firms including Blackstone Group, Fortress Investment Group, Och-Ziff and American Capital, all of which are listed entities.

Citadel was founded in 1994 and has $7 billion under management for investments in the Middle East and North Africa. The firm has a fully owned subsidiary in Algeria and is planning a second in Libya.

Most recently, Citadel launched Gozour, a “made-in-Egypt” regional foods platform to consolidate four food sector companies in its portfolio including new addition the National Company for Maize Products. The launch was announced on 20 January 2008.