Egypt's Financial Regulatory Authority (FRA) on Sunday approved the prospectus for the offering of Banque du Caire shares on the Egyptian Exchange (EGX). The decision clears the way for the sale of a 30% stake valued at up to about EGP 24.25 billion, according to Hashem El-Sayed, Assistant to the Prime Minister and Head of the State-Owned Companies Unit. Banque du Caire is the third-largest state-owned bank in Egypt.
Bloomberg reported that the IPO aims to raise up to $454 million, which would make it Egypt's largest initial public offering in years. The approval moves the bank, an Egyptian joint-stock company, closer to completing its offering and final listing procedures.
STRUCTURE AND ALLOCATION OF THE OFFERING
The prospectus covers up to 4.575 billion shares, representing 30% of the bank's capital, through a secondary offering of existing shares. Those shares are currently held by state-owned Banque Misr, according to an earlier statement from Banque du Caire.
El-Sayed said 95% of the offering will go to a private placement for qualified investors and 5% to a public offering for retail investors. He added that the offering size may be increased to 45% in accordance with the approved rules.
PRICE RANGE AND SUBSCRIPTION TIMETABLE
The indicative price range is EGP 4.82 to EGP 5.30 per share, which puts the total value of the offered shares at about EGP 24.25 billion at the top of the range. Purchase orders will be received between 19 and 23 October 2026. The final offer price will be announced no later than 26 October 2026, based on the bookbuilding mechanism and the results of investor demand, El-Sayed said.
Banque du Caire, led by Chief Executive Officer Hussein Abaza, announced its intention to float on the EGX earlier this month, with trading expected to begin in November. CI Capital Investment Banking is acting as lead global coordinator and joint bookrunner, with EFG Hermes Promoting & Underwriting as joint global coordinator and joint bookrunner.
EARNINGS AND BALANCE SHEET BEHIND THE SALE
In the first half of 2026 the lender reported a net profit after tax of EGP 8.94 billion, net interest income of EGP 18.79 billion and net fee and commission income of EGP 3.42 billion. As of 30 June 2026, its corporate direct loans amounted to EGP 115 billion, while retail loans, excluding microfinance, totalled EGP 98.1 billion.
Fitch describes the bank as the fifth-largest in Egypt by total assets, with a 3% market share in sector loans and deposits at the end of 2023. The approval comes about nine years after its shares were temporarily listed on the exchange on 8 February 2017. Its chairman told Reuters in 2020 that the bank was aiming to sell a minority stake worth about $500 million, but the plan was delayed.
POLICY DRIVE AND MARKET BACKDROP
The government offerings programme has seen the temporary listing of about 28 state-owned companies on the EGX. It is part of a drive to complete the offering and final listing of eligible companies, with the aim of deepening Egypt's capital market and creating new investment opportunities. El-Sayed said the Banque du Caire sale is consistent with the state's direction, the State Ownership Policy Document and the provisions of Law No. 170 of 2025.
Bloomberg described the offering as a sign of confidence that follows a successful IPO by unicorn MNT-Halan this month, in which both private and public subscriptions were over-subscribed.