Egypt Allows Sale of Up to 45% of Banque du Caire, Subscription Priced at 5.30 EGP
The Egyptian Cabinet approved the sale of between 30% and 45% of Banque du Caire and set the public offering price at 5.30 EGP per share, with the private placement covered six times.
Banque du Caire announced on Wednesday that the Egyptian Cabinet approved the sale of a stake ranging between 30% and 45% of the bank's shares during meeting No. 116 held on October 22.
The Cabinet instructed the Financial Regulatory Authority to take the necessary regulatory measures in coordination with Banque Misr, the state owner of Banque du Caire, to complete the listing procedures on the Egyptian Exchange.
The offering set a price of 5.30 EGP per share, after the private placement was oversubscribed six times, while retail coverage reached approximately 6.7 times before closing on Wednesday.
The Financial Regulatory Authority had approved the public and private offering prospectus on October 18, requiring Cabinet approval prior to the start of trading, pursuant to Article 11 of Law No. 170 of 2025.
What do these terms mean?
Initial Public Offering (IPO): The first offering of a company's shares to the public on the stock exchange, used to raise capital and expand the ownership base.
Coverage: The volume of demand for shares compared to the number of shares offered. A sixfold coverage means demand was six times the supply.
Private Placement: The sale of shares to institutional and major investors prior to or alongside the public offering.
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