Banque du Caire sold 45% of itself for EGP 36.37 billion and began trading on the Egyptian Exchange on November 2, the largest public offering in the market's history. The shares closed their first session at EGP 5.31, up 0.19% from the EGP 5.30 offer price, after rising as high as EGP 5.68.
Retail investors had ordered 27 times the stock set aside for them, and institutions placed about six times the private tranche. The sale drew more than $500 million from abroad, with the European Bank for Reconstruction and Development and the International Finance Corporation each investing $100 million. Banque Misr keeps 55% of the bank, whose market value at the first close was EGP 80.98 billion.
Why it matters
A steady debut keeps Egypt's state-asset sale programme moving as it seeks to meet IMF privatization terms.
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Key Indicators
45%
Stake sold by Banque Misr
The sale closed on November 2; Banque Misr keeps 55%.
EGP 36.37 billion
Offering value at EGP 5.30
About $658 million at the rate in the pricing announcement; the sale was the largest on the EGX.
6.86 billion
Shares sold
6.52 billion in the private placement and 343.1 million to the public, together 45% of issued capital.
EGP 80.98 billion
Market value at first close
Up from EGP 80.83 billion at the offer price; about $1.51 billion.
EGP 5.30
Final offer price
Priced at the top of the EGP 4.82-5.30 range on October 26.
EGP 5.31
First-day close
Shares rose as high as EGP 5.68 before closing 0.19% above the offer price.
7%
Intraday gain
The shares rose as much as 7% above the offer price in early trading before paring gains.
6x
Private placement coverage
Orders of about EGP 205.8 billion for the shares on offer, or 19.8x excluding cornerstone investors.
27x
Retail tranche coverage
9.29 billion shares ordered against the 343.1 million on offer when the retail book closed on October 28.
$100 million each
EBRD and IFC investments
Each multilateral bank invested $100 million; IFC says its stake is about 7% of Banque du Caire.
373.1 million
Shares traded on debut
Worth EGP 2.02 billion across about 30,100 trades.
19 events
Latest: November 2nd, 2026 · 1 week ago
Showing 8 of 19
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November 2026
Banque du Caire shares begin trading, close up 0.19%
LatestListing
The 45% offering completed and the shares began trading under ticker BQDC. They rose as high as EGP 5.68, dipped to EGP 5.25 and closed at EGP 5.31, giving the bank a market value of EGP 80.98 billion.
IFC confirms $100 million investment, about 7% stake
Investment
The IFC said its $100 million IPO investment gives it about a 7% equity stake in Banque du Caire, alongside a matching $100 million from the EBRD.
October 2026
Cabinet approval of 30-45% stake disclosed
Regulatory Approval
The cabinet approved the stake range at its 116th meeting on October 22 and the bank disclosed it on October 28, meeting a condition the FRA had set before trading could begin.
Retail book closes 27 times covered
Subscription
Retail investors ordered 9.29 billion shares against the 343.1 million on offer, about EGP 49.2 billion chasing EGP 1.8 billion of stock.
IPO priced at EGP 5.30, top of range
Pricing
Banque du Caire confirmed the final price at the top of its EGP 4.82-5.30 range after the private placement drew about EGP 205.8 billion of orders, six times the shares on offer.
Sources say IPO will price at EGP 5.30 top of range
Pricing
Investment bankers and a government official say the final price is set at the top of the range, valuing Banque du Caire at EGP 80.8 billion; official confirmation is due October 26.
EBRD and IFC join as cornerstone investors
Investment
Each agreed to take up to 15.74% of the private placement, or as many as 1.03 billion shares worth about EGP 5.4 billion ($102 million) apiece.
Private placement closes six times covered
Subscription
The institutional book drew about EGP 205.8 billion in orders at the offer price, or 19.8 times excluding pre-committed orders.
FRA approves upsizing to 45%
Regulatory Approval
The Financial Regulatory Authority allowed Banque Misr to offer 6.86 billion shares, up from 4.575 billion, after demand built.
Retail orders reach 453.6 million shares
Subscription
Orders were nearly double the 228.75 million shares reserved for retail investors, with the book open until October 28.
Four foreign funds commit up to $256 million
Investment
Helikon, Redwheel, Sustainable Capital and Waha Investments signed preliminary commitments for more than half the IPO, according to the offering circular.
Institutional tranche sells out on first day
Subscription
Orders for the 95% institutional tranche filled within hours of opening, with demand from US, European, African and Gulf investors, EnterpriseAM reported.
Retail book draws 97 million shares on day one
Subscription
Retail investors ordered about 97 million shares, roughly 42% of the 228.75 million reserved for the public tranche, on the first day.
FRA approves IPO prospectus
Regulatory Approval
Egypt's Financial Regulatory Authority clears the prospectus for a 30% stake sale worth up to 24.25 billion pounds.
Banque du Caire announces IPO intention
Announcement
Bank declares plans for a 30% secondary offering on the EGX with CI Capital and EFG Hermes as advisors.
2022
Another listing attempt stalls
Plan
A third attempt to float the bank failed to reach a listing.
2020
Government revives listing plan
Plan
Authorities again considered taking the bank public; the attempt produced no listing.
February 2017
Banque du Caire shares temporarily listed on EGX
Listing
Shares were provisionally registered on the Egyptian Exchange but never formally floated.
2008
Egypt first considers listing Banque du Caire
Plan
Government authorities first floated the idea of taking the bank public.
Scenarios
1
Banque du Caire completes IPO, trading begins in November
Likely
Resolves by Nov 30, 2026
Discussed by: FRA and Banque du Caire officials
The offering priced at EGP 5.30, the top of the 4.82-5.30 range, and the enlarged 45% sale raised about EGP 36.37 billion. Trading began on November 2 and the shares closed at EGP 5.31.
2
Offering expands to 45% on strong demand
Deadline passed (Oct 26, 2026)
Discussed by: Hashem El-Sayed, head of the State-Owned Companies Unit
The Financial Regulatory Authority approved the expansion on October 22 and Banque Misr sold 6.86 billion shares, 45% of the bank, at EGP 5.30. It keeps 55%.
3
Weak demand forces price cut or delay
Unlikely
Resolves by Nov 30, 2026
Discussed by: Prior failed attempts in 2008, 2020, and 2022
Bookbuilding shows weak institutional appetite, the reason earlier attempts stalled. The offering was already restructured once after poor institutional bids, prompting the public tranche. The bank prices below the 4.82-pound floor or postpones the listing.
4
Final price lands at top of range after book sells out
Deadline passed (Oct 26, 2026)
Discussed by: Bookrunners and investors after the institutional tranche sold out on day one
The institutional book closed six times covered and the retail book 27 times covered. Banque du Caire confirmed the EGP 5.30 price on October 26.
5
Banque du Caire shares start trading on November 2
Deadline passed (Nov 2, 2026)
Discussed by: CI Capital and EFG Hermes timetable
The shares began trading on November 2 under ticker BQDC and closed at EGP 5.31, up 0.19% from the offer price.
6
Stabilization fund cushions early trading
Possible
Resolves by Dec 2, 2026
Discussed by: Banque du Caire offering circular
For 30 days after trading starts, retail buyers can sell their shares back at EGP 5.30 if the stock trades below the offer price, under a mechanism run by CI Capital and funded by the retail tranche's proceeds.
Historical Context
2 moments from history that rhyme with this story — and how they unfolded.
1 of 2
2024
United Bank partial privatization (2024)
Egypt sold a minority stake in state-owned United Bank using a combined public and private offering structure. The dual-tranche model became the reference point for Egyptian state bank listings.
Then
The sale completed and established a template for future state bank offerings.
Now
Analysts cited the structure as the model for Banque du Caire's current IPO.
Why this matters now
Banque du Caire's offering explicitly replicates the United Bank experience, including the shift toward a public tranche after weak institutional demand.
2 of 2
2026
MNT-Halan market debut (2026)
Egypt's fintech platform MNT-Halan listed shares on the Egyptian Exchange shortly before Banque du Caire's offering was approved.
Then
Provided a recent reference point for investor appetite in new Egyptian listings.
Now
Part of a wave of listings under Egypt's government offerings program.
Why this matters now
Ecofin Agency framed Banque du Caire's IPO as following MNT-Halan's debut, part of a broader push to deepen Egypt's capital market.
