Banque du Caire Opens Subscription Between EGP 4.82 and 5.30 Per Share
Banque du Caire has opened subscription for its shares at a price range between EGP 4.82 and 5.30 per share, with the option to sell a stake of up to 45% and raise up to EGP 36.4 billion.
State-owned Banque du Caire has opened subscription for its shares in an initial public offering (IPO) with a price range between EGP 4.82 and 5.30 per share, following approval from the Financial Regulatory Authority on the offering prospectus. The offering targets selling a primary stake of 30% valued between EGP 22.1 and 24.2 billion, valuing the bank between EGP 73.5 and 80.8 billion, with the option to increase the stake to 45% and raise up to EGP 36.4 billion, or about $680 million.
\nInstitutional orders close on October 23, and retail subscription continues until October 28, with the final price to be announced on October 26, and trading on the Egyptian Exchange expected to begin in November. Qualified investors will receive 95% of the offering, as 4.35 billion shares, representing 28.5% of the bank, are allocated to institutions in Egypt and abroad, while 228.75 million shares, representing 1.5%, are offered to the public with a value of up to EGP 1.2 billion.
\nThe bank recorded a net income of EGP 16.07 billion in 2025, up 31%, with net interest income growing 22% and fees 10%. The price range places the stock at 4.6 to 5 times earnings and 1.1 to 1.2 times equity at the end of June, while a Baker Tilly valuation study set fair value at EGP 5.30, the top of the range.
\nThe offering is the biggest test in years of foreign investor appetite for Egyptian stocks, measuring about three to four and a half times the size of MNT-Halan's EGP 7.84 billion offering. Banque du Caire CEO Hussein Abaza said regional turmoil highlighted Egypt as the most stable economy, adding that investors from Africa, North America, Europe, and the Gulf expressed interest in the offering. Subscription remains conditional on Cabinet approval under Law 170 of 2025 and fulfilling final listing requirements on the exchange before trading begins.
\nWhat do these terms mean?
\nInitial Public Offering (IPO): A process in which a company sells its shares to the public for the first time and lists them on the stock exchange.
\nInstitutional Tranche: The portion of the offering allocated to banks, investment funds, and major investors.
\nFair Value: An estimate of a share price based on financial analysis, company assets, and earnings, used as a reference in pricing.
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