The evaluation of the Engineering for the Petroleum & Process Industries (Enppi)’s initial public offering (IPO) resulted in early estimates ranging between $213 million and $267 million, Al Mal News.

The Egyptian government is expected to raise up to $150 million from Enppi’s IPO, according to Amwal Al Ghad. The move is part of a government plan to offer state-owned companies for public offering as a way of raising funds. Where in January, Former Minister of Investments, Dalia Khorshed, had announced the commencement of Enppi’s IPO, among other state-owned companies, marking the first phase of privatizing public firms in the EGX.

The Ministry Petroleum and Mineral Resources had previously announced that a banking consortium consisting of ICapital, Geoffrey International, and Emirates NBD had been awarded the arrangement of Enppi’s IPO to offer 24% of Enppi’s shares in the Egypt’s Stock Exchange (EGX).

Established 1978, Enppi is a state owned company providing engineering, procurement, construction supervision, and project management services for the oil and gas sector.