CAIRO – 12 November 2024: The United Bank has set the indicative price range for its upcoming initial public offering (IPO) on the Egyptian Exchange (EGX) at LE 12.70 to LE 15.60 per share. The IPO could raise between LE 4.2 billion and LE 5.1 billion, with the final price to be determined through a book-building process.
The bank, fully owned by the Central Bank of Egypt (CBE), announced in late October its plan to offer 330 million shares, representing 30 percent of its equity, on the EGX before the end of 2024.
The United Bank plans to allocate 95 percent of the offered shares, equivalent to 313.5 million shares, to institutional investors, while the remaining 5 percent, or 16.5 million shares, will be available for individual investors.
The bank aims to begin trading on the EGX before the year ends, a timeline that is about a quarter earlier than initially anticipated. The United Bank is currently securing necessary approvals from the Financial Regulatory Authority (FRA) and the EGX.
CI Capital, which is managing The United Bank's IPO, is launching its promotional campaign for the offering this week, targeting investors in Saudi Arabia, Dubai, London, and South Africa.
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