Banque du Caire IPO opens at EGP 4.82 to 5.30 a share; retail books close 28 October

Banque du Caire opened the books for its stock market listing on 19 October, Enterprise reported. Banque Misr, which owns the bank, is selling 30% at EGP 4.82 to 5.30 a share, with the option of raising the sale to 45%. The top of the range is the fair value approved by the Financial Regulatory Authority.

Most of the offer goes to institutions and wealthy investors through a private placement that closes on Friday 23 October. A public tranche of 228.75 million shares, 1.5% of the bank, is open to anyone in Egypt until Wednesday 28 October. The final price will be announced on Monday 26 October, and trading on the Egyptian Exchange is expected in November.

To take part in the public tranche you subscribe through an Egyptian Exchange broker before 28 October. Enterprise did not say which banks are taking orders or the smallest amount you can apply for, so ask your broker. Any increase in the size of the sale has to be announced at least three days before the public book closes.