Banque du Caire Offers 30% Stake in Egypt’s Second IPO of Month

Banque du Caire will sell a 30% stake via Egypt’s stock exchange, a long-awaited state-asset sale that would also be the country’s second major initial public offering in a month.

The offering will consist of a secondary sale of 4.575 billion shares held by Banque Misr SAE, according to a statement from the state-owned lender.

Subscriptions and trading are expected to be completed toward late October and November, respectively, Banque du Caire said on Sunday.

No details were given on any valuation. EFG Hermes and CI Capital Investment Banking are global coordinators and joint bookrunners.

The deal would be Egypt’s first major state IPO since it sold 30% of United Bank in late 2024, and signals renewed impetus in a years-long privatization drive. The announcement comes as privately owned fintech unicorn MNT Halan seeks to raise about $150 million in an IPO of the Egyptian parts of its business, signaling confidence in the country’s stock exchange.

Read More: MNT-Halan Plans $150 Million IPO, Egypt’s Biggest Since 2021

A sale of part of Banque du Caire has long been in the offing. Government plans to either sell it to a strategic investor or list on the stock market since around 2016 have been repeatedly delayed, including by the Covid pandemic.

The IPO includes a private offering to qualified investors in Egypt and other countries, as well as institutional buyers, with a public subscription also planned in Egypt. The bank is currently working on getting Egyptian regulatory approvals.