Banque du Caire IPO opens at EGP4.82–5.30 a share

The Banque du Caire IPO opened on Monday at an indicative EGP4.82 to EGP5.30 a share, valuing Egypt’s fourth-largest bank at up to EGP80.8bn (about $1.5bn), a day after regulators approved the prospectus.

State-owned Banque Misr is selling up to 4.575 billion existing shares, or 30 per cent of the lender, in a deal that could raise as much as EGP24.25bn (about $452m) at the top of the range. The Financial Regulatory Authority cleared the prospectus on Sunday, 18 October, according to Daily News Egypt, making the sale Egypt’s largest listing of the year so far.

Banque du Caire IPO structure and timetable

The offer is split into two tranches. Qualified institutional investors in Egypt and abroad have been allocated about 4.35 billion shares, equivalent to 28.5 per cent of the bank and roughly 95 per cent of the sale, while Egyptian retail investors can subscribe for 228.75 million shares, or 1.5 per cent of the bank, worth up to EGP1.2bn (about $23m).

Institutional book-building runs from 19 to 23 October, with the retail offer closing on 28 October, according to EnterpriseAM. The final price is due to be announced by 26 October and the shares are expected to start trading on the Egyptian Exchange in November.

Banque Misr retains an option to enlarge the sale to 45 per cent by adding a further 2.29 billion shares. If exercised, total proceeds could reach about EGP36.4bn (roughly $680m). Any upsize must be announced at least three days before the retail book closes, and the decision rests with Banque Misr and the Central Bank of Egypt, EnterpriseAM reported.

CI Capital is lead global coordinator and joint bookrunner, with EFG Hermes acting as joint global coordinator and joint bookrunner. Baker Tilly produced the fair-value study, which set a value of EGP5.30 a share, the top of the range.

A profitable lender comes to market

The pricing implies a valuation of roughly 4.6 to 5 times 2025 earnings and 1.1 to 1.2 times book value at the end of June 2026, according to EnterpriseAM’s calculations. Banque du Caire reported net profit of EGP16.07bn (about $300m) in 2025, up 31 per cent, and EGP8.94bn (about $167m) in the first half of 2026.

Loans grew 16 per cent to EGP222bn (about $4.1bn) last year and deposits rose 14 per cent to EGP404.5bn (about $7.6bn). The bank’s capital adequacy ratio stood at 22.06 per cent at the end of 2025, up from 17.14 per cent, after a capital increase in December lifted issued capital to EGP30.5bn from EGP20.5bn.

Banque du Caire, led by chief executive Hussein Abaza, has been temporarily listed on the EGX since February 2017 while successive listing plans were postponed. Roadshows were pushed back again in June before the bank filed to float in October.

Why the listing matters for Egypt

The sale is the centrepiece of Egypt’s state-asset divestment programme, which the government has pursued alongside its IMF-backed reform agenda. It is the fourth initial public offering on the EGX this year, following Gourmet, Korra Energi and MNT-Halan, whose EGP7.84bn (about $147m) float earlier this month drew a private placement that was 11.2 times oversubscribed.

Demand for the Banque du Caire IPO will be read as a barometer of foreign confidence in Egyptian assets after Moody’s upgraded Egypt’s credit rating to B3, and at a time when foreign investors have been net sellers of Gulf equities. Mr Abaza told Bloomberg that regional turmoil had shown Egypt to be “the most stable economy”.

Further state listings are in the pipeline. Misr Life is expected to come to market in December, Egypt Education Platform within three months and Enppi in the first quarter of 2027, according to EnterpriseAM. The deal size also contrasts with a slow year for Gulf IPOs, where Bloomberg data cited by EnterpriseAM show slightly more than $1bn raised so far in 2026 against nearly $6bn at the same point last year.

Before trading can begin, the bank must provide proof of Cabinet approval under Law 170 of 2025 and meet the EGX’s final listing requirements on free float and minimum shareholder numbers. Investors can follow the Banque du Caire IPO through the Egyptian Exchange.