Egypt’s leading premium grocery retailer Gourmet Egypt.Com for Food Products has announced plans to list on the Egyptian Exchange through an initial public offering of approximately 47.6% of its shares, representing up to 190,516,824 existing ordinary shares.
The secondary offering, involving private and public tranches, is expected to conclude in February 2026, subject to approvals from the Financial Regulatory Authority and the Egyptian Exchange, with pricing set via a book-building process.
Selling shareholders include B Investments Holding and members of the founding Abu Ghazaleh family, while B Investments will retain a 40% stake post-listing, signalling continued confidence in the business.
Company background and growth
Founded by the Abu Ghazaleh family in 2006, Gourmet began as a premium meats and seafood supplier to hotels before launching its first retail store in 2008. It has grown into Egypt’s top high-end food retail platform, operating 21 upscale stores nationwide.
In 2015, facing currency and import challenges, the company vertically integrated by establishing Gourmet Food Solutions, its in-house manufacturing arm. This produces exclusive “Produced by Gourmet” lines — including ready-to-cook meals, oriental specialties, bakery items, gelato and pasta — sold in stores and supplied to hotels, restaurants and other clients.
Delivery and e-commerce now contribute around 35% of revenues, complementing in-store sales.
Strong financial performance
Gourmet reported consolidated revenue of 2.09 billion Egyptian pounds in 2024, with a net profit of 135 million pounds (about USD 2.86 million at current rates). The company has shown robust growth, with revenue compound annual growth rate of nearly 39% from 2022 to 2024, and improved profitability through operational efficiency.
Proceeds from the IPO will support expansion of the retail footprint, home delivery network and manufacturing capacity.
“The IPO of Gourmet marks a major milestone in the Company’s journey and sets the stage for the next phase of our growth,” Chairman Michael Wright said in a statement.
Market context
The announcement aligns with expectations for a record year of listings on the Egyptian Exchange in 2026, with up to eight new companies — primarily in resilient sectors — anticipated amid economic stabilisation and market reforms.
Gourmet’s move highlights increasing interest from premium consumer businesses in accessing public capital.
