Arabian Cement Company has set the price for its initial public share offer (IPO) at EGP9 (US$1.28) a share after a private placing was 11.3 times oversubscribed, the company said on Sunday.

The offer, whereby Arabian Cement is seeking to raise around US$120m will make it the first major company to enter the stock exchange since the overthrow of Hosni Mubarak in 2011.

The company plans to sell 85.202 million shares of which 59.641 million were placed. Last month it set an indicative price range of between 8.45 and 9.55 pounds and said it was looking to sell a stake of between 22.5 and 30 per cent.

It has previously said that trading would start around 21 May and that EFG-Hermes and CI Capital will jointly bookrun the IPO.