EFG Hermes Concludes Advisory on Banque du Caire’s Landmark EGP 36.37 Billion IPO on the EGX

EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today that it has successfully concluded its advisory role as Joint Global Coordinator and Joint Bookrunner on the landmark Initial Public Offering (IPO) of Banque du Caire on the Egyptian Exchange (EGX). The transaction is the largest IPO in EGX history in EGP terms. It is also EFG Hermes’ third EGX IPO in 2026, following Gourmet in February and MNT-Halan in October, and confirms the firm’s position at the center of Egypt’s equity capital markets.

The total offering size amounted to EGP 36.37 billion (c. USD 658 million), representing 6,862,500,000 ordinary shares or 45% of the Bank’s total issued share capital sold by Banque Misr S.A.E. as the Selling Shareholder at the top end of the price range, EGP5.3 per share. At the final offer price, Banque du Caire’s implied market capitalization reaches EGP 80.83 billion (c. USD 1.46 billion).

 The Private Offering comprised 6,519,375,000 shares—representing 95% of the total offering and 42.75% of Banque du Caire’s issued share capital—valued at EGP 34.55 billion (c. USD 625 million). Private book-building generated unprecedented demand with aggregate orders reaching approximately EGP 205.8 billion (c. USD 3.72 billion), marking one of the highest demand levels ever recorded for a private tranche in EGX IPO history and achieving an overall oversubscription rate of 5.95 times. Demonstrating deep institutional appetite, the remaining private tranche (excluding cornerstone investors) was oversubscribed 19.79 times, attracting widespread international, regional, and local institutional participation. The offering also witnessed cornerstone and strategic commitments from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Helikon Investments, Sustainable Capital, Redwheel, and Waha Capital.

 The Public Offering tranche was 27 times oversubscribed, reflecting a demand of EGP 49.2 billion (c. USD 921 million).

Maged El Ayouti, Co-Head of Investment Banking at EFG Hermes, commented: “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. 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. More than a new listing, Banque du Caire’s IPO marks a significant step in the return of state-owned offerings to the Egyptian Exchange and reinforces the role of capital markets as a central pillar of Egypt’s privatization and economic reform agenda.”

El Ayouti added: “The successful execution of a privatization transaction of this magnitude, which is the second largest privatization in Egypt in history through an IPO and the third largest IPO on the EGX on record 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, and the exceptional banking franchise of Banque du Caire supported by its multi-year transformation strategy. It also reaffirms EFG Hermes’ unrivalled execution capabilities, placement power, and long-standing commitment to connecting leading Egyptian institutions with global capital.”

This momentum has been reflected across several landmark transactions, with recent IPOs and listings delivering strong aftermarket performance and attracting broad investor demand. Gourmet’s IPO in February delivered a 40% debut gain, while National Printing, which was listed in August 2025, rose by roughly 172% in less than eighteen months. Most recently, MNT-Halan’s institutional private placement tranche was 11.2 times covered, increasing to 19.4 times excluding strategic investors, with demand from more than 300 investors across over 10 countries underscoring the renewed depth of appetite for high-quality Egyptian equity stories.

The successful conclusion of Banque du Caire’s IPO further cements EFG Hermes’ leadership in Egyptian Equity Capital Markets and its central role in reviving activity on the EGX. Alongside MNT-Halan’s recent listing and the IPO of Gourmet earlier this year, the transaction has contributed to a notable uplift in market liquidity. With the IPOs currently in the pipeline for execution before year-end and in early 2027, EFG Hermes continues to demonstrate its ability to bring high-quality issuers to market and attract both domestic and international capital.