Arab Finance: The public offering of Banque du Caire on the Egyptian Exchange (EGX) has attracted subscriptions for approximately 97.01 million shares on its first day, equivalent to 0.424 times the total number of shares offered.

The bank has allocated 228.75 million shares to the public offering, representing 5% of the total shares offered and 1.5% of its issued capital. The subscription period will remain open until October 28.

The IPO involves the sale of 4.575 billion existing shares, representing 30% of the bank’s issued share capital. Expected to consist of a secondary sale of shares by Banque Misr, the offering will comprise 4.346 billion shares allocated to qualified investors in a private offering and 228.75 million shares available for public subscription in Egypt under the public offering.

Banque du Caire appointed CI Capital Investment Banking as lead global coordinator and joint bookrunner for the offering, while EFG Hermes Promoting and Underwriting will serve as joint global coordinator and joint bookrunner.

Baker McKenzie LLP will act as legal counsel to the bank and the selling shareholder under US and English law. Meanwhile, Helmy, Hamza & Partners will serve as Egyptian legal counsel for the offering.