A few years later they are now well-established in Cairo and in Alexandria and they have worked enough to have a good valuation and are now ready to be independent of any funds, so they need to choose an exit method to allow them to return the funds to the firms that funded them and maintain their position in the market. After consulting with many experts and endless discussions together, the trio have decided that the best exit option for them is through an initial public offering. They are aware of the many listing requirements that they need to meet, but they also need to decide on the type of security they will issue.

QUESTION 10) What institution will they depend on to issue their shares to the public?

QUESTION 11) What are the steps this institution needs to follow to be able to make the securities of this business available to the public? (8 marks)

BONUS 2) (OPTIONAL) Why couldnt Ahmad, Jayda and Malak just issue their securities to the public, why is it important for them (and for potential investors) to rely on this institution to sell their securities?

PS: I need only the answer for the Bonus