The United Bank announced it has received the Financial Regulatory Authority's (FRA) approval to list its shares on the Egyptian Exchange (EGX), starting Wednesday.
The bank revealed the retail portion of its offering will take place between November 20 and 25, while the institutional segment will run from November 27 to December 3.
Institutional offerings target large investors such as funds and banks, often involving fewer regulations and flexible pricing, while retail offerings are tailored for individual investors with publicly set prices and stricter regulations.
This follows the United Bank’s disclosure of plans to raise between LE 4.16 billion and LE 5.14 billion through its initial public offering (IPO). The listing will involve 30 percent of the bank’s capital—330 million shares—owned by the Central Bank of Egypt (CBE).
The IPO is part of Egypt's broader offering plan, under which 32 state-owned entities are slated for divestment to boost private-sector participation. This aligns with Egypt’s economic reform goals, supported by its $8 billion IMF agreement to enhance private-sector growth.
CI Capital Investment Banking S.A.E. serves as the global coordinator and bookrunner for the offering, with legal support from Helmy, Hamza & Partners, the local affiliate of Baker McKenzie.
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