Banque du Caire’s public offering reached about 42% subscription coverage on its first day after investors placed orders for roughly 97 million shares. The public tranche contains up to 228.75 million shares and opened alongside a much larger private placement on 19 October. The milestone converts the bank’s earlier listing intention into an active transaction and supplies an initial measure of retail demand.
The broader sale covers 4.575 billion existing shares, equal to 30% of Banque du Caire’s issued capital. Banque Misr is the selling shareholder, so the transaction does not issue new bank shares. The indicative range is EGP4.82 to EGP5.30 per share, implying an offering value of EGP22.05 billion to EGP24.25 billion. The upper end would value the bank at about EGP80.83 billion.
OFFER STRUCTURE AND TIMETABLE
The private tranche comprises 4.34625 billion shares, or 95% of the initial offering and 28.5% of the bank’s capital. It is reserved for qualified investors in Egypt and certain international markets. Bookbuilding is scheduled to close on 23 October.
The public tranche represents the remaining 5% of the shares initially offered and 1.5% of the bank’s capital. Individual investors can submit orders until 28 October, while the final offer price is due to be announced by 26 October. Trading is expected to begin in early November, subject to completion of the required procedures.
DEMAND AND REMAINING CONDITIONS
First-day subscription of 42% is an early data point, not a final measure of demand, because the retail order window remains open. The regulator’s approval also permits up to 2.2875 billion additional shares to be included, which could raise the total sale to 45% of capital. Any increase remains conditional and must be announced no later than three days before the public subscription period closes.
The key milestones are the close of institutional bookbuilding on 23 October and the final price announcement by 26 October. Investors will then be able to assess demand across both tranches, the transaction’s final size and any use of the expansion option. If the timetable holds, the next definitive milestone will be the allocation and start of trading in November.