Egypt is pressing ahead with the long-delayed listing of Banque du Caire, offering a 30 percent stake in the country’s third-largest state-owned bank, Bloomberg reported overnight. The offering would be Egypt’s second major listing of the month, following fintech MNT-Halan’s Egyptian Exchange debut priced at EGP 24.5 a share.
The deal has been years in the making. The bank first hit the auction block in 2007 and has been through multiple attempted IPOs since 2019, with the state signaling a year-end offering for months. In September a cabinet committee unanimously approved the methodology behind an updated fair-value study, with the valuation now expected around EGP 80 to 80.5 billion, roughly $1.56 to $1.57 billion. EnterpriseAM reported that the European Bank for Reconstruction and Development and the International Finance Corporation are circling a combined 10 percent tranche.
The listing is the set-piece of Egypt’s reset privatization drive. Investment and Foreign Trade Minister Mohamed Farid said on October 2 that Banque du Caire and Misr Life Insurance should both reach the market between October and early November, with the bank first. The government raised roughly $5.9 billion of a $12.2 billion privatization goal through July 2025 and has reset the bar at $10.3 billion by the end of the 2026/27 fiscal year, with two transactions due before the IMF program wraps up. Watch the final offer size, the pricing against the EGP 80 billion fair value, and whether the EBRD/IFC anchor tranche materializes.