Cairo Bank plans 30% IPO on Egyptian Exchange

Cairo Bank has announced its intention to proceed with an initial public offering (IPO) of its shares on the Egyptian Exchange. The planned listing involves a secondary sale by Misr Bank, acting as the selling shareholder, which will divest 4.58 billion existing shares. This transaction represents 30 percent of the bank’s issued capital.

IPO timeline and regulatory conditions

In a formal statement, Cairo Bank outlined that the subscription phase for the offering is expected to conclude in late October. Subsequently, share trading on the Egyptian Exchange is projected to begin during November. These timelines are strictly contingent upon securing all necessary regulatory approvals.

Lead managers and international coordinators

The bank has appointed CI Capital Securities Promotion and Underwriting to serve as the lead manager and international coordinator for the offering. Additionally, EFG Hermes Securities Promotion and Underwriting has been designated to perform the same roles of lead manager and international coordinator.

Legal advisory structure

Baker McKenzie has been retained as legal counsel for both the bank and the selling shareholder regarding US and English law matters. For issues pertaining to Egyptian law within the scope of the offering, Helmy, Hamza & Partners, a member firm of Baker McKenzie International, has been appointed as legal advisor.