What happened
The bank said the public portion remains open until Monday. With 6.86 billion shares on offer, the listing could raise around $648 million.
How the deal was structured and who backed it
Most of the shares are being sold through a private placement that represents 95% of the offering. Banque Misr, which is selling the stake, lifted the amount on offer to 45% from 30% on the back of strong interest. According to the bank, the private allocation drew orders equal to six times the available shares, and close to 20 times when omitting cornerstone commitments. Among the backers were the European Bank for Reconstruction and Development and the International Finance Corp.; each secured a 15.74% share of the private tranche.
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Why it matters for your portfolio
In dollar terms, this sale could rank among Egypt's biggest since Telecom Egypt in 2005. It also marks progress on the government's long running plan to move state assets into private hands, either by selling to strategic buyers or listing them on the exchange. For investors, that means more supply in Cairo's market and a clearer window into how global institutions are pricing Egyptian bank risk today.
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