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The Banque du Caire initial public offering closed with shares beginning to trade on the Egyptian Exchange on November 2 after parent Banque Misr sold 6.86 billion shares representing 45 percent of the lender. Institutional investors submitted orders worth EGP 205.8 billion for the private tranche, covering it six times overall, while the public retail portion drew demand 27 times the offered amount, according to announcements from the coordinators and the exchange. The transaction, which was enlarged from an initial target of 30 percent following regulatory approval, valued the full bank at EGP 80.8 billion at the final price.
EFG Hermes, acting as joint global coordinator and joint bookrunner alongside lead coordinator CI Capital, reported that the deal represents the largest IPO in the Egyptian Exchange’s history by value in local currency terms. The European Bank for Reconstruction and Development and the International Finance Corporation each committed $100 million as cornerstone participants, helping underpin the upsizing while other international funds including those managed by Helikon Investments, RWC Asset Management and Waha Capital also secured allocations. Proceeds from the secondary offering flowed entirely to Banque Misr as the selling shareholder rather than to the bank itself.
Banque du Caire, which maintained 2,422 branches and 2,205 automated teller machines while serving 3.2 million customers as of mid-2026, posted net profit after tax of EGP 9 billion in the first six months of the year. The listing forms part of Egypt’s ongoing privatisation initiative that has seen other state-linked entities tap the market in recent months, including fintech operator MNT-Halan. Central Bank of Egypt Governor Hassan Abdalla and Prime Minister Mostafa Madbouly attended a ceremonial bell-ringing at the exchange to mark the debut.
International law firm Baker McKenzie advised Banque du Caire and its parent on matters of US and English law in connection with the offering, according to details released with the transaction documents. The firm’s Cairo affiliate Helmy, Hamza & Partners, a member of the Baker McKenzie network, separately handled Egyptian legal counsel for the banks. Such split legal mandates have become standard for Egyptian listings that attract significant foreign institutional participation.
The offering’s strong reception arrived after an initial approval for a Banque du Caire flotation that dates to 2017, with the process accelerating in 2026 as investor appetite for Egyptian financial shares improved. Coordinators noted that the final price at the top of the EGP 4.82 to EGP 5.30 range reflected robust confidence in the bank’s transformation strategy and market position. Regulators completed all necessary approvals in time for the early November trading start under the ticker BQDC.
