United Bank of Egypt’s private placement oversubscribed by 3 times a day before closing

The United Bank of Egypt’s private placement has been met with overwhelming success, with the initial tranche oversubscribed by nearly three times. The offering, which launched on November 20, garnered strong investor demand, totaling approximately 938.8 million shares—far exceeding the 313 million shares available in this tranche.

The bank is offering a total of 330 million shares, divided into a private placement of 313.5 million shares and a public offering of 16.5 million shares. The public offering is set to open on November 27 and will run until December 3.

Last week, the Egyptian Financial Supervisory Authority (EFSA) approved the offering prospectus, setting a maximum price of 15.60 pounds per share.

Attribution: Amwal Al Ghad Arabic