Egypt's Financial Regulatory Authority highlights Banque du Caire trading debut following EGP 36.4 billion offering

Egypt's Financial Regulatory Authority Chairman Islam Azzam highlighted the start of trading in Banque du Caire shares on the Egyptian Exchange following an offering of 45% of the bank's capital worth about EGP 36.4 billion. Speaking at the exchange's opening bell ceremony, he placed the listing within the government's offerings program under the State Ownership Policy Document, aimed at broadening ownership and improving asset management. The final offer price was EGP 5.30 per share, implying a total bank valuation of about EGP 80.8 billion. Orders for the private tranche reached approximately EGP 205.8 billion, representing nearly six times coverage, while the public tranche was covered about 27 times. The bank's market capitalization is equivalent to roughly 2.1% of listed companies' combined capitalization at the preceding trading session. Preparations involved coordinating prospectus disclosures, reviewing the share's fair value and completing listing, trading and settlement requirements. Azzam also reiterated the authority's three areas of support for government offerings: facilitating procedures within the law, identifying practical obstacles through dialogue with market participants and training company staff. Its existing training program has reached 118 participants from 34 companies with provisional listings or targeted for future listings. The earlier completed course addressed governance, disclosure and continuing obligations after listing, extending preparation beyond the initial offering requirements.