Beltone launches $9.17M fund to target Egypt's IPO wave
What's the deal? Beltone Asset Management, a subsidiary of Beltone Holding, has launched B-Torohat, an actively managed equity fund targeting an initial size of 500,000,000 EGP (about $9.17 million). It gives investors exposure to IPOs, subscription rights, secondary offerings, and recently listed stocks on the Egyptian ExchangeDealroom has a profile for this one. Try Dealroom → (EGX).
Why now? Egypt's capital market is preparing for a new phase of offerings, with 24 state-owned companies temporarily listed out of 30 targeted for potential sale. Several private-sector firms are also preparing to offer shares.
What's the endgame? The fund targets investors with moderate-to-high risk tolerance seeking capital growth over the medium to long term. It lets them tap new offerings without picking individual companies themselves.
The investment policy allocates between 30% and 95% of proceeds to targeted investments, including EGX-listed IPOs, subscription rights, secondary offerings, ETFs, and shares of companies listed for less than five years. Up to 20% can go to offerings on the EGX's small- and medium-sized companies market, while sukuk holdings are capped at 5%.
What could go wrong? If suitable opportunities are unavailable, excess liquidity may be parked in fixed-income instruments until they arise. Between 5% and 70% of proceeds may collectively sit in fixed-income and liquidity.
B-Torohat's initial private tranche was fully subscribed within one day. Beltone may increase the issuance size based on demand and regulatory requirements.
The signal: The launch follows strong EGX gains over the past three years and rising trading volumes, which are drawing a broader investor base and giving companies new ways to raise capital. Beltone, which calls itself Egypt's largest non-bank asset manager, saw assets under management hit a record 55,700,000,000 EGP in the first half of 2026, up 104% year on year, across 31 funds.
Read more: swiftynews.com
Image credit: Generated with Gemini
