Shares in Egyptian dairy and juice maker Juhayna Food Industries may trade as much as 18 per cent above their IPO price on Tuesday, analysts said.

They were sold in Egypt's first initial public offering for two years at EGP4.66 ($0.82) per share.

Three analysts cited a range for trading of EGP4.66-5.50 at their debut.

"Despite the difficult timing of the offer, it represents a big success for the company and the Egyptian exchange to reach subscription levels of 6.8 times in a public offering," said Mohamed el-Naggar of El Marwa Brokerage.

Naggar estimated the firm's fair value at between EGP5.50 pounds to 6 per share, and said he sees the stock rising to about EGP5 per share on Tuesday.

A private placement was priced at EGP4.90.

Mohamed Saleem of Premier Securities said he expected shares to rise to EGP5.5 per share in the first session.

Juhayna's public share offer this month received orders for 6.8 times the number of shares offered, while a larger private placement was 1.75 times oversubscribed, its financial adviser said.

But debt worries in Europe have hit Egypt's bourse, causing the main index to shed over 17 per cent since it touched a near 21-month high on April 15.

"The Juhayna offer came during a very weak month," said Mustafa Badra of Osool brokerage, adding he expects the stock to trade around its opening price of EGP4.66 per share and stabilise at that level.

The global financial crisis put a stop to IPOs in Egypt after oil services company Maridive and real estate firm Palm Hills Developments sold shares in mid-2008.

Juhayna Food Industries makes milk, dairy products and juices, with export markets across Africa and the Middle East. Its clients include McDonald's Corp. – Reuters