Banque du Caire Begins IPO Subscription on Egyptian Exchange
··2 min read
CAIRO, EGYPT — Banque du Caire has initiated the subscription process for its initial public offering (IPO) on the Egyptian Exchange (EGX), with orders being accepted from October 19 through October 28. The offering includes up to 4.575 billion existing shares, constituting 30% of the bank's share capital, with 95% allocated to qualified investors and 5% to the public.
The indicative price range for the shares is set between EGP 4.82 and EGP 5.30, potentially valuing the offering at up to EGP 24.25 billion. The final offer price will be determined by October 26, based on investor demand and the bookbuilding process. The stake could increase to 45%, subject to regulatory approvals.
Three authorized brokerages—Commercial International Brokerage Company (CIBC), EFG Hermes International Securities Brokerage, and Hermes Securities Brokerage—will handle the private tranche. The public tranche will be open to all licensed brokerage firms, with orders submitted through the EGX's Special Transactions Market system.
Commercial International Brokerage Company will act as the executing broker for the selling shareholders, while CI Capital Investment Banking and EFG Hermes will serve as offering managers and international coordinators. Baker Tilly has been appointed as the independent financial adviser, with Helmy, Hamza & Partners serving as legal counsel. Hazem Hassan and Egypt's Central Auditing Organization will act as auditors.
Banque du Caire's managing director and CEO highlighted the significance of the offering as a key milestone in the bank's development, emphasizing its diversified operations.
**Context:** This IPO is part of Egypt's broader economic reforms aimed at increasing private sector participation and reducing state ownership in key industries. The offering is expected to attract significant investor interest, both domestically and internationally, given Banque du Caire's strong market position and the potential for growth in Egypt's financial sector.
