Demand is very hot for another Egyptian share sale, as investors bid for shares in State-owned Banque du Caire, which is an initial public offering (IPO), private placement and book-build which opened on 19 October.
State-owned Banque Misr is selling the shares in a secondary offering (i.e. no new capital for Banque du Caire)
Initially Government offered a 30% stake and the share offer started on 19 October. On 22 October the share offering was upped to 45% of the total shares in the bank, after strong demand from investors.
It aims to start trading on the Egyptian Exchange (EGX) in early November.
Banque du Caire share offer details
The offer is at EGP 4.82 ($0.08) to EGP 5.30 ($0.09) a share. Initially, 4.575 billion shares were offered, 95% through the private placement and 5% through the IPO, valuing the stake at up to EGP 24.25bn ($438 million).
The Financial Regulatory Authority (FRA) approved the prospectus on 18 October 2026 and issued no objection to the increase on 22 October. The institutional book-build period ran from 19 October to 23 October, and the final offer price Is expected to be announced on 26 October, after the book build. The public offering (IPO) is open from 19 October to 28 October. Trading in the shares on the EGX is to start in early November (one report says 2 November).
The bank appointed CI Capital Investment Banking S.A.E. as Lead Global Coordinator and Joint Bookrunner, and S.A.E. as Joint Global Coordinator and Joint Bookrunner.
According to the price announcement “BdC is one of Egypt’s largest banks, ranking fourth by total assets, with more than 70 years of history and a diversified franchise spanning retail, microfinance, SMEs (small and medium enterprises), corporates, and NBFIs (non-banking financial institutions).” The Bank combines scale with broad nationwide reach, operating 2,422 branches and 2,205 ATMs across all 27 governorates, serving approximately 3.2m customers. Its extensive presence outside Cairo provides strong access to underpenetrated customer segments across Egypt.”
The BDC price range announcement (18 October) gives a summary of information about the recent financial ratios and financial performance. The offer documents can be found on the Banque du Caire investor relations website.
Global and local investors
According to reports on Bloomberg and arhamonline (Al-Ahram), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are each taking up 15.74% of the first part of the private placement. The number of shares will depend on the final book-building.
Banque du Caire CEO Hussein Abaza told Bloomberg in an interview that investors from Africa, North America, Europe and the Gulf have expressed interest, despite war in the region: “What the turbulence in the region around us has proven is that we’ve come out as the most stable economy. The stage is set and it’s a much better stage than it was over the past six, seven years,” highlighting Egypt’s fiscal and macro-economic successes and comparative security and stability.
According to Bloomberg, capital-raising has slowed dramatically in the Gulf Nations, with just over $1bn of IPOs across the Gulf region so far in 2026, compared with nearly $6bn at the same point in 2025.
A report in Business Insider Africa cites the preliminary offering circular that four international investors, UK-based Helikon and Redwheel, Mauritius-based Sustainable Capital and Abu Dhabi’s Waha Investments, have committed up to $256m. However the pledge depends on the final pricing – for example Helikon has offered $100m provided the price is in the midpoint of the EGP 4.82 – EGP 5.30 range. At the top of the range, the commitments reduce to $100m.
A report on Arab Finance on 23 October, without giving a source, said applications for the public offer are for some 453.6m shares, already nearly twice the amount of 228.75m shares reserved for the IPO.
New impetus for Egypt privatization
According to a report on respected website African Markets: “The deal is one of the oldest files in Egypt’s privatization programme. Banque du Caire.. was preparing to raise around $500m in spring 2020, with investors such as the EBRD and the Sovereign Fund of Egypt ready to come in. The pandemic stopped everything.” It adds that weak market liquidity delayed the offering in 2022. Earlier in 2026 investment banks asked to delay roadshows until after the summer lull. “Banque du Caire confirmed its intention to list on 11 October.”
The Government has a long-standing programme to revive the economy through selling state assets, either to strategic investors or by listing them on the EGX. According to a recent report on Ecofin Agency: “In April, six state-owned companies received provisional approval for EGX listings, representing the first step toward opening their capital to investors.
“The Ministry of Finance expects the sale of stakes in three to four state-owned companies to generate between $1.25bn and $1.5bn by the end of the current fiscal year.” (the fiscal year ends on 30 June).
The EGX first approved the bank’s shares for listing (“provisionally listed”) in 2017 but the share sale has been repeatedly delayed due to issues including valuation and the Covid-19 pandemic. Banque Misr has also considered selling to a strategic buyer.
The Government has a list of state assets for future sales, to strategic investors and via the EGX and IPOs. It is part of boosting the private sector in a programme agreed with the International Monetary Fund (IMF). Businesses include Misr Life Insurance.
(Photo: Cairo uploaded 2019, credit DepositPhotos)