Arab Finance: Banque du Caire plans to offer 30% of its issued share capital on the Egyptian Exchange (EGX) through an initial public offering (IPO), with Banque Misr selling 4.575 billion existing ordinary shares, as per an emailed press release.

The sale will comprise a public offering open to subscribers in Egypt and a private placement for qualified investors locally and in several international markets. The international tranche will include qualified institutional buyers in the US under Rule 144A of the Securities Act, alongside investors outside the United States under Regulation S.

Subscriptions to the offering are expected to be completed toward late October, with trading anticipated in November, subject to regulatory clearance.

The bank is now seeking the necessary approvals from the Financial Regulatory Authority (FRA) on the public subscription notice (PSN) and the bank's share registration, as well as approvals from the EGX.

CI Capital Investment Banking will serve as lead global coordinator and joint bookrunner, while EFG Hermes Promoting and Underwriting will act as joint global coordinator and joint bookrunner.

Baker McKenzie will advise the bank and Banque Misr on US and English law. Helmy, Hamza and Partners, a member firm of Baker McKenzie International, will provide Egyptian legal counsel for the offering.

"We look forward to welcoming new investors to Banque du Caire and to engaging with the market as we embark on the next phase of the Bank's development as a publicly listed institution," Hussein Abaza, the bank’s Managing Director and CEO, stated.