Arab Finance: Banque du Caire attracted demand equivalent to around six times its private placement, with the final offering price set at EGP 5.30 per share, according to informed sources cited by Asharq Business.

The sources put coverage at nearly 19 times when excluding pre-committed institutional orders. Meanwhile, public subscription data showed orders for approximately 453.6 million shares, equivalent to 1.98 times the 228.75 million shares allocated to retail investors, with subscriptions remaining open until October 28.

The reported final price sits at the top of the indicative range of EGP 4.82 to EGP 5.30 per share and matches the fair value established by independent financial advisor Baker Tilly. Based on the outstanding share count, the range valued the bank at approximately EGP 73.5 billion to EGP 80.8 billion.

The offering was initially structured as a sale of 4.575 billion shares, representing 30% of the lender’s issued capital. Of that amount, approximately 4.346 billion shares, or 95% of the offering, were earmarked for the private placement. The remaining 228.75 million shares represented 5% of the offering and 1.5% of the bank’s issued capital.

The Financial Regulatory Authority (FRA) approved raising the stake offered for sale in the bank to 45%. If implemented in full, the larger sale would comprise about 6.86 billion shares, with estimated proceeds of about EGP 36.4 billion, calculated based on the reported final price. 

Institutional commitments account for a substantial portion of the private placement. According to Asharq Business, four qualified investors committed to subscribe for a combined 63% of the private tranche. These commitments do not represent final allocations, which depend on the final offering price and the terms of the respective agreements.