Egypt's Arabian Cement Company's initial public share offer was 18.5 times oversubscribed, an official at advising bank CI Capital told Reuters on Tuesday.

The offer raised US$110m with 85.2 million shares sold in the offer, placed at 9 Egyptian pounds ($1.28) per share, said Hesham Gohar, managing director for investment banking at CI Capital, which was co-bookrunner on the offer alongside EFG-Hermes.

Arabian Cement said on Sunday it had set the price for its IPO at 9 Egyptian pounds a share after a private placing was 11.3 times oversubscribed.

Investors in the public offering were allocated 5.4 per cent of their bids, while shares sold in the private offering were rationed at various rates.

The company said last week it was expecting the IPO to be around US$120m, with the proceeds set to go to existing investors selling their shares.