Egyptian Foie Gras-Seller Gourmet Surges in Trading Debut

Shares of premium grocer Gourmet Egypt SAE rose as much as 38% in their Egyptian stock exchange debut, in the country’s first initial public offering of the year.

Shares were trading at as high as 9.5 Egyptian pounds ($0.20) each early Tuesday. The company sold shares at 6.9 pounds apiece and Gourmet raised around 1.3 billion pounds in the IPO. The gains were pared by mid-morning, with trade at 9.08 pounds per share.