The Story
Korra Energi started as a land reclamation operation in 1982 has steadily evolved into a diversified energy and infrastructure player, with a clear focus on energy efficiency. The Company’s business is divided into the following:
Construction & Energy-Efficiency Projects
Tier-1 General Contractor and MEP specialist with 350+ delivered projects across hospitality, healthcare, education, pharmaceutical, and renovation work.
Energy Systems
Distribution and integration of HVAC, power generation (Mitsubishi Heavy Industries), water/heat efficiency products, plus after-sales and facility management.
Agri Export
Korra Agri exports fresh and frozen strawberries to 20+ countries, holding certifications including GlobalG.A.P., BRC, LEAF, FDA, ISO 22000, NFSA.
The Good
A real industrial business with a 30-year track record. Korra is not a pre-revenue story or a balance-sheet play. It’s an engineering and contracting company that has been operating since 1997, with documented projects you can physically walk into — from Sheraton Cairo’s Nefertiti Tower to Maghagha Central Hospital to Egypt’s first tri-generation plant, inaugurated by President El-Sisi in 2022.
Long-standing partnerships with global engineering names. Korra is Mitsubishi Heavy Industries’ #1 distributor outside Japan for absorption chillers — a partnership now in its third decade. It also represents Mitsubishi Electric, Siemens (on hydrogen-ready power equipment), Eurochlima, Yanmar, and Ebara. These aren’t off-the-shelf vendor relationships; they’re long-term technology partnerships built over 20+ years.
Strong revenue growth and visible forward work. Revenue grew from ~1.6bn EGP in 2022 to ~7.9bn EGP in 2025 — nearly 5x in three years. With ~12bn EGP of signed contracts already in execution for 2026, the company has roughly 1.5 years of forward work locked in before signing anything new.
Right sector at the right moment. Egypt removed electricity subsidies in 2019 and raised commercial tariffs again in April 2026 by up to 91% in some brackets. Every factory, hospital, and cement plant in the country now has a financial reason to find someone who can cut their energy bills. Korra has been preparing for exactly this market since 1997.
A potential carbon credit revenue stream. Korra has already documented more than 600,000 tons of CO₂ reductions across its projects. With the EGX having launched Africa’s first regulated carbon credit market in August 2024, those tons could one day become tradeable certificates — a new income line that didn’t exist for any Egyptian company three years ago.
Regional reach already in motion. Korra has operational branches in Riyadh and Baghdad — two of the highest-spending construction markets in MENA — and has stated plans to enter three African countries. This isn’t a pure-play domestic story starting from zero.
Free exposure to a second listed company. Through Korra’s 34.54% stake in Cairo Oils & Soap (CIDO), buying a share of Korra gives you indirect exposure to another EGX-listed business — a structural benefit you don’t usually get from a single share.
The Bad
Project execution risk. Large construction and engineering projects are inherently exposed to budget overruns and timeline slippage. When input costs like steel, copper, and fuel move, margins move with them.
High exposure to public-sector clients. A meaningful share of Korra’s signed contracts is with government entities. These clients generally pay reliably, but payment timing can be unpredictable, which can squeeze cash flow in the short term.
Regional expansion is unproven. Saudi Arabia and Iraq are large markets, but they’re also competitive ones. Having a licensed branch is not the same as having market share, and translating Egyptian know-how into international revenue takes time.
Carbon credit revenue is potential, not realized. Korra has not yet listed any credits on the EGX. The optionality is real, but it’s a future possibility — not a current revenue line.
This is a secondary offering. Existing shareholders are selling part of their stake. No new capital is being raised for the company itself, which means future expansion will rely on operating cash flow and existing financing rather than IPO proceeds.
Tighter valuation gap than recent IPOs. The independent advisor’s fair value is 3.20 EGP per share against an offer price of 2.97 EGP — a 7.7% gap. For comparison, the same comparison stood at 19.4% for Gourmet and 51.6% for Bonyan. The cushion between offer price and fair value is smaller this time around.
Corporate Highlights
1999 -2000: Entry into Energy Systems Distribution
In 1999, Korra entered into a partnership with Mitsubishi Heavy Industries for generators – a relationship that remains active to this day. Korra introduced absorption chillers technology to the Egyptian market for the first time. This move positioned the company as an early mover in energy-efficient cooling solutions, well ahead of the broader market’s awareness of the segment.
2008: Entering Energy Efficiency Solutions
Korra established the first and largest district cooling and co-generation power plant in Egypt, cementing its position as an early leader in energy efficiency. District cooling and co-generation are widely considered among the most efficient ways to deliver cooling and power to large developments.
2011 – present: Scaling and entry into energy efficiency contracting
By 2014, the company had earned a first-class electro-mechanical contractor classification, opening the door to larger and more complex industrial projects.
2018 saw Korra operate the first Flare Gas Recovery project in Egypt for both NGL and power generation, capturing economic value from what would otherwise be wasted.
2022 : Inauguration of the Tri-generation plant
In 2022, President Abdel Fattah El Sisi inaugurated Korra’s first Tri-generation plant in Egypt – a strong signal of the company’s strategic importance to the country’s energy transition.
Headline Financials (2025, Audited)
| Metric | Value | Commentary |
| Revenue 2025 | EGP 7.9 bn | 39.1% YoY growth; |
| Gross Profit FY 2025 | EGP 1.6bn | 18.6% gross profit margin (down from 22.9%) |
| Net Profit FY 2025 | EGP 554mn | 7.0% net profit margin (up from 5.3%) |
| Backlog | ~EGP 12bn | |
| Investments | EGP 370mn | 34.5% equity stake in Cairo Oil and Soaps
5% equity in Bequest for Solar Stations |
Track Record and Notable Projects
Korra Energi positions itself as a specialist for niche energy-efficiency engineering. The company claims to have built the country’s first tri-generation plant (Abou Rawash, inaugurated by President El-Sisi); the first cement-industry waste-heat recovery project; the first flare-gas recovery plant producing both NGLs and electricity. Construction of turnkey and MEP projects remain its main source of income and include projects like the Sheraton Cairo Hotel renovation (326 rooms), Telal El Fustat Park, and pharmaceutical work for Nuova .
Top 5 Projects
| Client | Contract Value (EGPmn) | Collections (EGPmn) | Contract Summary |
| Central, West and North Upper Egypt Development Authority | 2,439 | 991 | Establishment of Maghagha Central Hospital, Minya Governorate |
| Arabia Company for Touristic Projects | 1,546 | 1,402 | Contract for electromechanical works, renovation, and finishing – Nefertari Tower – Sheraton Hotel |
| Helwan Cement – Heidelberg Materials | 1,235 | 891 | Contract for supplying and installing a waste heat recovery power generation plant at Helwan Cement Plant |
| Executive Authority for Cairo Development Projects | 957 | 670 | Contract for electromechanical, civil works and coordination of site and infrastructure within Fustat Gardens Development Project – Phase Two |
| Sidi Kerir Petrochemicals (SIDPEC) | 781 | 627 | Contract for supplying and installing a waste heat recovery power generation plant at Sidi Kerir Petrochemicals Plant |
IPO Structure
The IPO will be a secondary offering with some of the existing shareholders selling their shares, so there will be no new capital injected into the company. The 40% retail offering is relatively high compared to recent IPOs (Gourmet 20% and Bonyan 5%).
The IFA has given the company a valuation of EGP 3.2 per share (implied equity valuation of EGP 7,200mn), which implies a 7.7% upside to the offering price. For reference recent IFA reports in the Gourmet and Bonyan IPOs implied higher potential upsides for investors at 19.4% and 51.6% respectively.
| Offering Type | Local Offering |
| Offering Structure | Secondary offering – existing shareholders are exiting |
| Investor Split | 60% private placement 40% retail |
| Stabilization Fund | Yes, after 30 days |
| # of Shares Offered | 247,500,000 |
| IPO Price | 2.97 |
| IPO Size (EGPmn) | 735 |
| Retail Offering Size (EGPmn) | 294 |
| Free Float | 11% |
| Minimum Order Quantity (shares) | 1,000 |
| Maximum Order Quantity (shares) | 2,000,000 |
Pre-IPO Structure
Post-IPO Structure
How to invest
The subscription period is open from 19 May 2026 until 25 May 2026 for retail investors. The private placement will start on 18 May 2026 and end 24 May 2026.
Follow these three simple steps:3
- Download the Thndr app and open an investment account (if you haven’t already).
- Top up your wallet—make sure it’s ready before the subscription starts.
- Place your order directly on the app by searching for “Korra” and submitting your buy order.
What experienced IPO investors already know and you should too:
Oversubscription Happens: IPOs are often oversubscribed, meaning you might get fewer shares than you wanted. Don’t worry—the unused money will be refunded to your Thndr wallet.
Maximize Allocation: Use Thndr’s feature to subscribe with up to 4x the money in your wallet to maximize your allocation, but be prepared to deposit the difference if the IPO is not oversubscribed (which is unlikely to happen).
Set a Reminder on day 30: If the stock price drops, remember to redeem your shares on day 30 to recover your investment. Thndr will send you reminders if this happens and all the required details.
Stabilization Fund = Risk-Free Entry
Just like past IPOs, this one includes a Stabilization Fund. Which means if the stock price drops during the first month of trading, you can get your money back.
