Egypt has completed the largest initial public offering in the history of its stock exchange, listing 45% of Banque du Caire and raising more than 36.3 billion Egyptian pounds, equivalent to approximately $650 million or nearly €600 million.
Founded in 1952, Banque du Caire is the country’s sixth-largest bank by assets and one of its largest and longest-established commercial lenders. The European Bank for Reconstruction and Development acquired a 6.9% stake for $100 million, with the investment intended to support the bank’s digitalization and governance.
The listing forms part of Egypt’s broader privatization and asset-sale program, driven by agreements with the International Monetary Fund and the government’s need to reduce public debt. The country is also expected to offer a 20% stake in Misr Life Insurance in December. The insurer is the largest life insurance company in Egypt and the wider Arab region and is currently controlled by Egypt’s sovereign wealth fund.
Prime Minister Mostafa Madbouly opened trading in Banque du Caire shares and described the debut as a turning point in the country’s economic reform process. He said the operation reflected the government’s aim of increasing private-sector participation and broadening share ownership among citizens and investment institutions.
Omar Radwan, president of the Egyptian Exchange, said the retail tranche was oversubscribed more than 27 times, with purchase orders exceeding 9.28 billion shares. The institutional tranche also attracted strong participation from international investors, including a significant presence from the Gulf.
The offering involved the sale of existing shares by Banque Misr, Egypt’s second-largest bank. Banque du Caire did not issue new shares to raise additional capital.
Sources: ANSA Economia.