National Printing S.A.E., a leading player in Egypt’s printing and packaging industry, has announced plans to proceed with an initial public offering (IPO) on the Egyptian Exchange (EGX). The offering will involve up to 21,171,040 ordinary shares, representing 10% of the company’s issued share capital. The shares will be divided equally between a Private Tranche and a Public Tranche, according to a statement issued by the company.
The Private Tranche will allocate 10,585,520 shares to Saudi cornerstone investor Omran Mohammed AlOmran, a prominent entrepreneur. The remaining shares will be made available to public investors, with the subscription period expected to take place between July 27 and July 31, 2025, subject to final regulatory approvals and market conditions.
The offering is priced at EGP 21.25 per share, while the independent financial advisor has estimated the fair value per share at EGP 28.27. The company has already been listed on the Egyptian Exchange (EGX) under the ticker symbol NAPR.CA. National Printing’s production output exceeded 230,000 tons in FY2024 across its facilities in Obour and Sadat Cities. These metrics underscore the company’s operational scale and offer price positioning relative to its appraised valuation.
The offering is being coordinated by EFG Hermes, which is acting as sole global coordinator. Zulficar and Partners is serving as the company’s local legal advisor. The selling shareholders include National Printing International Holding S.A.L., which owns 8.25% of the company, Grandview Investment Holdings Corp. with a 1.75% stake, and a group of minority investors.
Founded in 2006, National Printing has grown into a key player in Egypt’s industrial ecosystem. Its success stems from a vertically integrated operating model, strong quality control, and a focus on both domestic growth and international expansion. Managing Director Sherif El Moallem described the IPO as a pivotal step in the company’s trajectory, providing a platform to advance its strategic objectives and broaden its market presence.
Q1 financials
The company reported consolidated revenues of EGP 7.14 billion in 2024 and EGP 1.73 billion in the first quarter of 2025. EBITDA stood at EGP 1.64 billion in 2024 and EGP 394 million in Q1 2025, reflecting strong margins of 23.0% and 22.8%, respectively.
Operating in a country of over 100 million people, National Printing is well positioned to benefit from Egypt’s demographic trends and growing demand across food, healthcare, and personal care sectors. The company services more than 690 clients in approximately 15 industries through its fully integrated business structure.
Its group includes Shorouk, the flagship brand for folding cartons and premium print solutions; Uniboard, Egypt’s largest manufacturer of duplex board; El Baddar, which specializes in corrugated packaging; and Windsor, which produces paper cups, varnishes, and specialty chemicals. Together, these units enable National Printing to offer comprehensive packaging solutions while maintaining control over its production and supply chains.
The company has also leveraged its export capacity to mitigate foreign exchange volatility. In 2024, 25% of its revenues came from international markets, while nearly 80% of its cost base remained in local currency. National Printing’s customer retention rate is notably high, with 80% of clients maintaining multi-year relationships. In terms of sustainability, the company processed around 125,000 tons of recycled paper in 2024 and holds multiple ISO certifications to ensure quality and environmental compliance.
Growth has been driven by a combination of greenfield expansion and strategic acquisitions, including the successful launch of Uniboard and Windsor and the integration of El Baddar. These moves have reinforced the company’s capabilities and enhanced its competitive standing.
The IPO comes as Egypt pursues an ambitious privatization program to attract foreign investment, reduce the state’s role in the economy, and stimulate private sector activity. National Printing’s offering aligns with these national efforts and could serve as a bellwether for similar industrial listings.
If the offering is fully subscribed, it will provide National Printing with the capital flexibility needed to expand its market reach, invest in innovation, and further solidify its leadership in the region’s growing packaging industry.
