Banque du Caire plans $455 million IPO on Egyptian Exchange

Banque du Caire is planning to list 30% of its shares on the Egyptian Exchange. The transaction involves the sale of 4.575 billion existing shares held by the majority shareholder, Banque Misr. This is a sale of existing securities rather than a capital increase intended to fund the bank directly.

The offering is estimated to be worth approximately 24 billion Egyptian pounds (roughly $455 million to $460 million), based on an indicative valuation of the bank between 80 billion and 80.5 billion pounds. The process is expected to include a private placement for qualified investors in Egypt and abroad, alongside a public offering for individual investors in Egypt.

Subscriptions are anticipated to begin in late October, with trading potentially starting in November, pending approval from the Egyptian Financial Regulatory Authority and the Egyptian Exchange. Following the sale, Banque Misr is expected to retain a 70% stake, maintaining majority control. This move follows a separate market debut by the fintech company MNT-Halan.