Egypt has completed the largest initial public offering in the history of its stock exchange with the listing of 45% of Bank of Cairo’s shares. The operation raised more than 36.3 billion Egyptian pounds, equivalent to around $650 million or nearly €600 million.
Bank of Cairo, founded in 1952, is Egypt’s sixth-largest bank by assets and one of the country’s biggest and oldest commercial lenders. The European Bank for Reconstruction and Development acquired a 6.9% stake for $100 million, with the investment intended to support the bank’s digital transformation and governance.
The IPO forms part of Egypt’s broader plan to privatize state assets and reduce public debt, in line with agreements with the International Monetary Fund. The government is expected to follow the operation with a December offering for a 20% stake in Misr Life Insurance, Egypt’s largest life insurer and the biggest in the Arab region, which is currently controlled by the country’s sovereign wealth fund.
Prime Minister Mostafa Madbouly opened trading in Bank of Cairo’s shares and described the listing as a turning point in Egypt’s economic reform process. He said it reflected the state’s aim of increasing private-sector participation and broadening share ownership among citizens and investment institutions.
Omar Radwan, chairman of the Egyptian Exchange, said the retail tranche was oversubscribed more than 27 times, with purchase orders exceeding 9.28 billion shares. The institutional tranche also drew strong interest from international investors, including several from the Gulf.
Banque Misr, Egypt’s second-largest bank, sold existing shares in the transaction. Bank of Cairo therefore did not raise new capital through the issuance of additional shares.
Sources: ANSA Mondo.