National Printing prepares for EGX debut amid Egypt’s reviving IPO momentum

EGYPT – National Printing, one of Egypt’s largest packaging and printing companies, has announced plans to go public, seeking to capitalize on renewed investor interest in the Egyptian stock market and a broader uptick in IPO activity across the MENA region.

The company, backed by Cairo-based investment firm Qalaa Holdings, is currently securing regulatory approvals from Egypt’s Financial Regulatory Authority (FRA), including a public subscription notice. Egyptian investment bank EFG Hermes is acting as global coordinator for the combined offering, with Zulficar and Partners as local counsel.

“National Printing is ideally positioned to capture new opportunities across local and export markets,” the company said in a statement. “We look forward to entering this next chapter as a public company, where we can continue to invest in our capabilities and expand our reach.”

Founded by the El Moallem family, longstanding players in the paper and packaging industry, National Printing operates through four main subsidiaries: Shorouk, Uniboard, El Baddar for Packaging, and Windsor.

It serves 15 sectors including FMCG, pharmaceuticals, education, and white goods, with facilities based in Obour and Sadat Cities. The company posted annual revenues of EGP 7.14 billion (US$145 million) in 2024, with exports contributing 25% of total revenue. In Q1 2025 alone, it reported EGP 1.7 billion in revenue.

The planned IPO comes as Egypt works to reinvigorate its capital markets. After a sluggish 2023, when only Taqa Arabia listed, 2024 saw just two new entrants: United Bank and Act Financial.

However, a stronger pipeline is expected in 2025. According to EY, firms like Ahli United Bank and Tabarak Developments are preparing listings, and the government has pledged to float stakes in at least 10 state-owned entities, including Alexandria Bank, Banque du Caire, Safi, Silo Foods, and Gabal El Zeit wind farm.

Regionally, IPO activity has surged. The MENA region recorded its strongest IPO year in 2024, with 54 issuers raising over US$12.6 billion, according to Magnitt. Listings from state-backed enterprises have buoyed Gulf equity markets in particular.

Despite currency pressures, Egypt’s economy is expected to grow by 4.1% in 2025, bolstering investor confidence. National Printing’s IPO is set to ride that wave, highlighting renewed optimism in the Egyptian private sector and its export ambitions.

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