Gourmet Egypt, a leading premium grocery retailer, has announced its intention to proceed with an initial public offering (IPO) of its ordinary shares on the Egyptian Exchange (EGX), targeting a February 2026 listing. The move signals a major milestone for the company, which has evolved from a niche delivery service into a vertically integrated food retail powerhouse.
“The IPO of Gourmet marks a major milestone in the Company’s journey and sets the stage for the next phase of our growth,” stated Michael Wright, Gourmet’s Chairman. “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.”
The Offering Details
The offering is expected to consist of a secondary sale of up to 190,516,824 existing ordinary shares, which represents 47.6% of the company’s issued share capital. The selling shareholders include B Investments Holding S.A.E, Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Deema Abu Ghazaleh, and Amgad Sultan.
In a strong vote of confidence in Gourmet’s future, B Investments will retain a 40% stake in the company following the offering. The IPO will be structured with two tranches: a private placement for qualified investors and a public tranche for retail investors in Egypt, with both offered at the same price determined through a book-building process.
EFG Hermes will act as the sole global coordinator and bookrunner, while MHR & Partners, in association with White & Case, will serve as local counsel.
A Journey From Delivery Service to Retail Leader
Founded by the Abu Ghazaleh family, Gourmet began its journey in 2006 as a home delivery service providing hard-to-find luxury food items. Following its initial success, the company opened its first physical store in Maadi in 2008.
A pivotal moment came in 2015 when economic pressures and import restrictions prompted a strategic shift. Gourmet launched Gourmet Food Solutions (GFS), a wholly-owned manufacturing subsidiary, to vertically integrate its operations. This move reduced import dependency, enhanced profit margins, and scaled its popular “Produced by Gourmet” private label product lines.
Later, a majority stake acquisition by B Investments provided the capital to accelerate growth, leading to an expanded retail footprint, upgraded infrastructure, and enhanced e-commerce capabilities.
Strong Financials and Market Position
Gourmet has demonstrated robust financial performance, reporting consolidated revenue of EGP 2,118 million in 2024. For the first nine months ending in September 2025, revenue reached EGP 2,085 million, a 39.6% increase compared to the same period in the previous year. The company’s adjusted EBITDA for the same period was EGP 281 million, with a net profit of EGP 135 million.
As of October 2025, Gourmet maintained a healthy balance sheet with EGP 274 million in cash and minimal bank debt of EGP 29 million.
Today, the company operates 21 stores across Greater Cairo, Alexandria, El Gouna, and seasonal North Coast outlets. Its omnichannel approach is a key strength, with delivery and e-commerce sales accounting for approximately 35% of total revenue.
About Gourmet Egypt
Founded in 2006, Gourmet Egypt is a premier premium grocery retailer renowned for its curated product selection, exclusive offerings, and seamless customer experience. The company operates a vertically integrated model, combining its retail network with in-house food manufacturing through its subsidiary, Gourmet Food Solutions (GFS). This allows Gourmet to offer a wide range of high-margin private label products under the “Produced by Gourmet” brand, alongside mainstream grocery items, ensuring control over quality and supply consistency.
Source: Waya
