Shares of Banque du Caire (BDC) commenced trading on the Egyptian Exchange (EGX) main market this week, marking the largest initial public offering in the history of the nation’s capital market. The offering raised EGP 36.37 billion, signaling significant investor interest in the state-owned financial institution.
The Offering
The IPO involved the sale of 6.86 billion shares, accounting for 45% of the bank’s total shares. This valuation establishes a market capitalization of approximately EGP 80.82 billion for the bank, which maintains an issued capital of EGP 30.5 billion. According to EGX Executive Chairperson Omar Radwan, the offering was oversubscribed 27 times, with purchase orders surpassing 9.28 billion shares.
International and Domestic Participation
The IPO drew capital from multiple sources, including over $500 million transferred from abroad. Private placement demand included participation from international institutions such as the European Bank for Reconstruction and Development and the International Finance Corporation. Prime Minister Mostafa Madbouly noted that the listing aligns with the government’s State Ownership Policy Paper, intended to increase private sector participation in the economy.
Market Debut
During the inaugural trading session, Central Bank of Egypt Governor Hassan Abdalla stated that the heavy demand from both institutional and retail investors reflects confidence in the Egyptian banking sector and ongoing state economic reforms. Radwan added that the listing is expected to deepen liquidity within the EGX and support the bank’s future institutional development plans.
Current Market Standing
The successful listing of Banque du Caire represents a benchmark for the Egyptian Exchange, demonstrating the market’s capacity to absorb large-scale, strategic offerings. Officials confirmed plans to continue introducing financial instruments to attract further regional and international investment.