EFG Hermes, an EFG Holding company, has acted as Joint Global Coordinator and Joint Bookrunner on Banque du Caire’s initial public offering (IPO) on the Egyptian Exchange (EGX), raising EGP 36.37 billion ($658 million).

The transaction, described as the largest IPO in EGX history in Egyptian pound terms, involved the sale of 6.86 billion ordinary shares, representing 45% of Banque du Caire’s issued share capital.

Banque Misr, the selling shareholder, priced the offering at EGP 5.3 per share, the top end of the indicated range, valuing Banque du Caire at approximately EGP 80.83 billion ($1.46 billion).

The private offering comprised 6.52 billion shares, accounting for 95% of the total offering and raising EGP 34.55 billion ($625 million).

Institutional demand reached approximately EGP 205.8 billion ($3.72 billion), resulting in an overall oversubscription rate of 5.95 times. Excluding cornerstone investors, the remaining private tranche was oversubscribed 19.79 times.

The transaction attracted commitments from the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Helikon Investments, Sustainable Capital, Redwheel and Waha Capital.

The public offering was oversubscribed 27 times, with demand reaching EGP 49.2 billion ($921 million).

The IPO represents one of Egypt’s largest privatisation transactions through the stock market and comes amid efforts to expand private ownership and attract institutional capital into the country’s capital markets.

“We are proud to have advised Banque du Caire on its historic IPO, which is significant not only for its scale but also for what it represents for Egypt’s capital markets,” said Maged El Ayouti, Co-Head of Investment Banking at EFG Hermes.

“This offering marks an important step in the return of state-owned assets to the Egyptian Exchange and reflects growing confidence in the market’s ability to attract both domestic and international capital.”

The transaction is EFG Hermes’ third IPO on the EGX in 2026, following the listings of Gourmet in February and MNT-Halan in October.

Gourmet’s IPO recorded a 40% gain on its trading debut, while MNT-Halan’s institutional private placement tranche was 11.2 times subscribed, rising to 19.4 times when strategic investors were excluded.

According to EFG Hermes, the Banque du Caire offering was the second-largest privatisation in Egypt conducted through an IPO and the third-largest IPO on the EGX on record, based on the firm's stated transaction rankings.

El Ayouti said the transaction demonstrated renewed international institutional interest in Egyptian equities and the capacity of the local market to accommodate large offerings.

“The successful execution of a privatization transaction of this magnitude [...] highlights the improving depth of local capital markets, the resurgence of foreign institutional appetite for tier-one Egyptian assets, the strength of Egypt’s banking sector,” he said.

EFG Hermes said it expects further IPO activity on the Egyptian Exchange before the end of 2026 and in early 2027, with additional transactions currently in its pipeline.