(Adds details, comments from CEO, proceeds to go to existing shareholders)
CAIRO, May 7 (Reuters) - Egypt’s Arabian Cement Company said it is planning an initial public offering worth around $120 million, with the proceeds set to go to existing investors selling their shares, the company said on Wednesday.
The initial public offering would be the first major company to join the country’s stock exchange since the overthrow of autocrat Hosni Mubarak in 2011.
The company plans to offer 85.202 million shares at a maximum price of 9.85 Egyptian pounds ($1.40), it said.
Last month, Arabian Cement Company set an indicative price range at between 8.45 and 9.55 pounds and said it was looking to sell a stake of between 22.5 and 30 percent.
The cement company has said trading would start around May 21. The shares to be offered are all existing shares, Chief Executive Jose Maria Magrina said, adding that all the money will go to the existing shareholders.
Last month, Magrina said that the IPO would facilitate the exit of some of the minority investors that have been with the company for more than 15 years.
The group has production capacity of 5 million tonnes a year and a market share of around 8 percent.
EFG-Hermes and CI Capital are joint bookrunners for the IPO, Arabian Cement said.
$1 = 7.0150 Egyptian Pounds Reporting By Shadia Nasralla; Editing by Louise Heavens