Banque du Caire IPO priced at EGP 5.30, raising USD 680 million
The Egyptian state bank's enlarged 45 percent offering drew commitments from EBRD and IFC, each taking up to 15.74 percent of the private placement.
Banque du Caire priced its initial public offering at EGP 5.30 per share, the top of its EGP 4.82-5.30 range, raising approximately EGP 36.4 billion or USD 680 million, the Egyptian state-owned bank said on 25 October 2026. Banque Misr is selling 6.86 billion shares, representing 45 percent of Banque du Caire, up from the 30 percent originally planned, according to a statement published on the Egyptian Exchange. The offering values Banque du Caire at EGP 80.8 billion or approximately USD 1.5 billion at the EGP 53.46 per USD rate used in the offering circular.
EBRD and IFC commitments#
The European Bank for Reconstruction and Development and the International Finance Corporation each agreed to take up to 15.74 percent of the enlarged private placement, according to the statement and a supplementary disclosure published on the Egyptian Exchange. That puts each institution in for as many as 1.03 billion shares, worth up to EGP 5.4 billion or approximately USD 102 million at the offer price. Combined, the two development lenders could take approximately 30 percent of the offering and some 13.5 percent of the bank, with final allocations depending on the bookbuilding process. Neither lender has voting arrangements with Banque Misr under the agreements.
Demand across both tranches#
The private placement sold out within hours of opening on 21 October 2026 and was covered approximately six times by the time it closed on 25 October 2026, rising to 19 times excluding institutions that had committed in advance, sources told Asharq Bloomberg. At the offer price, six times the enlarged tranche would represent orders worth approximately EGP 207 billion or USD 3.9 billion. The retail tranche drew orders for 454 million shares as of 24 October 2026, approximately 1.3 times the enlarged retail allocation of 343.1 million shares, a senior government official told Enterprise. The Financial Regulatory Authority approved the upsizing on 24 October 2026.
Offering structure and proceeds#
The enlarged offering comprises 6.52 billion shares or 42.75 percent of Banque du Caire allocated to the private placement, and 343.1 million shares or 2.25 percent to the public offering, maintaining the original 95:5 institutional-to-retail split. Banque Misr will retain 55 percent of the bank following the sale. The offering is fully secondary, with all proceeds going to Banque Misr. Four cornerstone investors were named in the offering circular: Helikon, Redwheel, Sustainable Capital and Waha Investments. Together with EBRD and IFC, the six could take nearly three-quarters of the private placement.
Sources3 sources across 2 domains
- enterpriseam.comEnterpriseIPO upsized to 45 percent, EBRD and IFC each taking up to 15.74 percent of private placement, pricing range EGP 4.82-5.30
- enterpriseam.comEnterpriseFinal pricing at EGP 5.30, total raise of EGP 36.4 billion or USD 680 million, FRA approval date, demand multiples, retail subscription figures
- bloomberg.comBloombergPrivate placement closed at top of range
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