Trading in energy solutions firm Korra Energi began today(June 11) on the Egyptian Stock Exchange(EGX), following an offering earlier this month of an 11% stake split between a private placement for institutions (60%) and a public tranche for retail investors (40%) at EGP 2.97 per share.
The retail tranche was heavily oversubscribed by 31.35 times, while the institutional placement was covered 2.7 times on its first day, with proceeds earmarked for regional expansion in Saudi Arabia, Iraq, and Africa.
Egyptian Exchange Chairman Omar Radwan opened today’s trading session, joined by the company’s founder and CEO, Ayman Korra, and other company executives. The event was part of the Exchange’s “Ring the Bell” ceremony, held to celebrate the start of trading in Korra’s shares after their admission to the main market.
Founded in 1982 as a land reclamation operation, Korra has evolved into a diversified energy and infrastructure player with a focus on efficiency, inaugurating Egypt’s first tri- generation plant, which produces electricity, heating, and cooling simultaneously from a single fuel source, in 2022.
Alongside its energy activities, which span Heating, Ventilation, and Air Conditioning (HVAC) integration, power generation, water and heat efficiency products, after-sales, and facility management, Korra also maintains business lines in agricultural exports and construction.
Commenting on the points of strength of the company before the offering, digital investment platform Thndr pointed out that Korra has already documented more than 600,000 tons of CO₂ reductions across its projects. With the EGX having launched Africa’s first regulated carbon credit market in August 2024, those tons could one day become tradeable certificates, a new income line that did not exist for any Egyptian company three years ago.
Thndr also noted the company’s strengths in efficiency and sustainability, but cautioned that, like all large engineering firms, Korra remains exposed to cost volatility and project delays.
