Gourmet Egypt.Com for Food Products (“Gourmet” or “GE” or the “Company”), a leading premium grocery retailer, today announced its intention to proceed with an initial public offering (the “IPO” or the “Offering”) of its ordinary shares on the Egyptian Exchange (“EGX”).
The Offering is expected to consist of a secondary sale of up to 190,516,824 existing ordinary shares, representing 47.6% of the Company’s issued share capital, by B Investments Holding S.A.E (“B Investments”), Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Deema Abu Ghazaleh and Amgad Sultan (together with B Investments, the “Selling Shareholders”), while B Investments will remain invested in the Company with a 40% stake, demonstrating confidence in the business moving forward.
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The Offering will include (i) a private tranche to qualified investors in Egypt (“Private Tranche”) and (ii) a public tranche open for public subscription in Egypt (“Public Tranche”) (collectively the “Combined Offering”). Details of the Combined Offering are outlined in the Offering Highlights section, below.
Both the Private Tranche and Public Tranche will be offered at the same price per share (the “Offer Price”). The Offer Price will be determined through a book building process.
Gourmet is currently in the process of obtaining the required approvals with regards to the Offering, including approval of the public subscription notice (the “PSN”) and any other approvals from the Financial Regulatory Authority (“FRA”) and the Egyptian Exchange. Completion of the Combined Offering and commencement of trading is expected to take place in February 2026, subject to market conditions and the timely receipt of the relevant regulatory approvals.
Commenting on the Offering, the Company’s Chairman, Michael Wright, said: “The IPO of Gourmet marks a major milestone in the Company’s journey and sets the stage for the next phase of our growth. We remain committed to strengthening Gourmet’s brand equity by consistently delivering on our promise of excellence and quality. As we look to the future, we are focused on scaling the business while staying true to the core principles that define the Gourmet brand — innovation, authenticity, and dedication to our customers.”
About Gourmet
Gourmet was founded by the Abu Ghazaleh family in 2006 and in 2008, the Company commenced its retail operations, marking the beginning of its transformation into Egypt’s leading premium food retail platform. With a strong commitment to quality, Gourmet has steadily evolved its retail footprint and diversified its offerings to include a wide range of food and beverage private label products.
In 2015, amid macroeconomic shifts and foreign currency challenges, the Company launched Gourmet Food Solutions (“GFS”), a wholly owned manufacturing subsidiary, becoming one of the first movers in Egypt to vertically integrate premium grocery retail with in-house food manufacturing. GFS enabled the Company to reduce import dependence, enhance margins, and scale its exclusive “Produced by Gourmet” product lines—now a cornerstone of Gourmet’s differentiated retail proposition. Gourmet was also among the first grocery retailers in Egypt to launch a proprietary e-commerce and mobile application, establishing an early digital distribution channel alongside its physical store network.
As the Company entered its next phase of growth, B Investments acquired a majority stake, which brought in capital to accelerate expansion. Since then, Gourmet has scaled its retail network, invested in operational infrastructure, and grown its delivery and e-commerce platforms. As of 2024, approximately 35% of sales are generated through delivery, with the remaining approximate 65% from walk-in customers.
Today, Gourmet stands as a premier brand in Egypt’s grocery landscape—renowned for its curated product selection, exclusive offerings, and a seamless customer experience. The Company’s portfolio includes both mainstream grocery items and high-margin private label products under the “Produced by Gourmet” brand. These lines are recognized for their premium taste, quality, consistency, and convenience, supporting both customer loyalty and profitability.
GFS operates two main production facilities that manufacture meat and poultry. It also runs eight specialized kitchens producing ready-made meals, oriental dishes, salads, dairy products, bakery items, pasta, and pastries. This integrated production model allows the Company to control the entire value chain—from sourcing to final sale—ensuring product quality and supply consistency. GFS also supplies to select third-party clients, such as Cairo International Airport and premium HORECA operators, further underscoring its industry credentials.
Gourmet currently operates 21 strategically located stores across Greater Cairo (East & West Cairo, Downtown, Heliopolis, and Maadi), Alexandria, El Gouna, and seasonal outlets in the North Coast. The Company targets affluent, quality-conscious consumers who prioritize product quality and shopping experiences, and who have demonstrated resilience to broader macroeconomic trends.
Gourmet reported consolidated revenue of EGP 2,118 million in 2024 and EGP 2,085 million for the nine months ending September 2025, achieving 39.6% growth compared to the nine months ending September 2024. Adjusted EBITDA reached EGP 293 million and EGP 281 million in the respective periods, with Net Profit of EGP 135 million in both 2024 nine months ending September 2025.
As of October 2025, the Company maintained a healthy balance sheet with EGP 274 million in cash and cash equivalents and minimal bank debt of EGP 29 million. Following the Offering, the Company intends to pay dividends pursuant a dividend policy that will be set to reflect the cash flow generation of the Company and considers potential investment and growth opportunities.
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