Banque du Caire’s IPO to deepen Egypt’s market liquidity – EGX chair

Banque du Caire’s record-breaking initial public offering will help deepen liquidity in the Egyptian Exchange (EGX) and advance the bourse’s institutional development plans, EGX Chairman Omar Radwan said Monday.

The bank’s shares began trading on the EGX following an offering valued at more than 36.37 billion Egyptian pounds ($730 million).

The listing marks a new phase for Egypt’s capital market and is the largest in the exchange’s history, Radwan said at a ceremony marking the start of trading. He described the transaction as a sign of confidence in the resilience of the Egyptian economy, the attractiveness of its investment climate and the market’s capacity to absorb large-scale offerings.

The public offering was more than 27 times oversubscribed, with purchase orders exceeding 9.28 billion shares, while the private offering attracted broad institutional and international demand, Radwan said.

More than $500 million in proceeds from the offering were transferred from abroad, he added.

The listing marks a milestone for Banque du Caire, which was established in 1952, and reflects the market’s ability to accommodate offerings of strategic significance, Radwan said.

The EGX will continue developing innovative financial instruments and mechanisms to attract more retail and institutional investors, as well as regional and international investment funds, he said.

The exchange aims to strengthen its position as a leading financial hub capable of keeping pace with market developments and providing sustainable financing for major national institutions, Radwan added.