Banque du Caire said it will float 45% of the bank, upping the size of its long-awaited listing. Egypt's market regulator said it did not object to enlarging the deal and noted that the European Bank for Reconstruction and Development and the International Finance Corp. each agreed to subscribe for as much as 15.74% of the first tranche in the private placement.
The initial blueprint called for a 30% sale from Banque Misr worth $454 million via a secondary offering, with the bank signaling it could raise the amount if orders during the subscription window warranted it.
The price range is set at 4.82 pounds to 5.30 pounds per share, with 4.82 pounds equal to $0.09. The offering totals 4.575 billion shares, with 95% placed privately. The bank signaled a valuation range of 73.51 billion to 80.83 billion pounds. How many shares the EBRD and IFC ultimately take will be determined once the private tranche is priced.
The timing follows fintech MNT-Halan's local debut, which this week secured $150 million in value in exchange for a 20% stake in its Egyptian unit. That momentum comes as the Egyptian stock market is up 22% year to date.
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This float is part of a broader push to revive the economy by selling stakes in state-owned firms, either to strategic buyers or via listings on the Egyptian exchange. The plan started years ago but slowed amid the pandemic and regional instability tied to the Gaza and Iran wars. For investors, a successful pricing and aftermarket could signal deeper liquidity and more deal flow in Cairo - and another way to access Egypt's reform and privatization cycle.
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