Cairo is finally moving ahead with a long-teased listing. Banque Misr SAE, a state-owned lender, will sell 4.575 billion existing shares in Banque du Caire, equal to 30% of the bank, on the Egyptian Exchange. The bank said Sunday that EFG Hermes and CI Capital Investment Banking will coordinate the offering and run the books. Pricing details were not provided.
The IPO is set up to reach a broad investor base. There will be a private placement for qualified investors in Egypt and in other countries, alongside institutional buyers, plus a public subscription in Egypt. The bank said it is working through Egyptian regulatory approvals. The timeline is brisk: subscriptions are expected to complete toward late October, with trading anticipated in November.
State bank listings are how governments raise money without borrowing. Market Briefs covers these sales free every morning.
If the deal goes through, it will mark the first sizable government-backed IPO in Egypt since the government offloaded a 30% stake in United Bank in late 2024, and it would arrive as the month's second large listing. It also suggests fresh momentum in a privatization push that has been on the table since around 2016 but repeatedly slipped, including during the Covid period. The timing coincides with privately owned fintech unicorn MNT Halan seeking to raise about $150 million by listing the Egyptian parts of its business, a sign of confidence in the local market.
More float and more names can boost liquidity and broaden options on the Egyptian Exchange. Watch the approvals process and the subscription window since qualified, institutional, and public investors in Egypt are all in play here. For everyday investors keeping tabs on Egypt, a busier IPO lane can mean a deeper market to pick from.
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