Banque du Caire Announces Intention to Offer 30% of its Shares on the Egyptian Exchange

Banque du Caire, one of the largest Egyptian banks, announced its intention to proceed with an initial public offering (IPO) of its ordinary shares on the Egyptian Exchange, through a secondary sale of approximately 4.575 billion existing shares owned by Banque Misr, representing 30% of the bank's issued capital.

The offering is divided into a private placement for qualified investors in Egypt and several other countries, including institutional buyers in the United States, and a public offering open for general subscription in Egypt.

The bank is still in the process of obtaining the required approvals, including the Financial Regulatory Authority's (FRA) approval of the public offering prospectus and the listing of its shares, in addition to approvals from the Egyptian Exchange. Subscription is expected to close in late October, with trading commencing during November.

With a history spanning over 70 years, the bank has appointed CI Capital as Lead Global Coordinator and Joint Bookrunner, and EFG Hermes as Joint Global Coordinator and Bookrunner.

What Do These Terms Mean?

Initial Public Offering (IPO): A company offering its shares for public trading for the first time on a stock exchange.

Secondary Sale: The sale of existing shares by their current owner, meaning the proceeds do not go to the company's treasury.

Financial Regulatory Authority (FRA): The Egyptian entity that licenses and supervises capital and insurance markets and approves offering prospectuses.

Qualified Investor: An investor or fund with sufficient financial expertise, allowing securities to be offered to them via a private placement without a public subscription.