IPO WATCH- EFG Hermes expects Banque du Caire to IPO in 1H2018, after the transaction was initially expected to take place last fall, Co-head of Investment Banking Mostafa Gad told AMAY. Gad attributed the delay to what he called the many changes which impacted the banking sector this year, including the interest rate hikes and the board shake ups that took place earlier this fall. The banking sector is looking more stable in 2018. Coupled with the drop in inflation and impact of the EGP float dissipating, 2018 would be a more opportune time for the listing of BdC and other companies as well, he added. Banque du Caire is expected to be the second transaction under the state’s IPO program, after energy company Enppi.

Speaking on the IPO of Dice Sport and Casual Wear IPO, whose shares began trading yesterday at EGP 22.6 per share according to Al Borsa, Gad said that the retail offering 5.96x oversubscribed and institutional offering 3.1x oversubscribed. Twelve funds from Egypt, the US, UK, and Europe collectively acquired 75% of the company, according to Chairman and MD Nagy Toma, who added that the company’s current plans involve increasing exports to 80% of output from a current 73% and expanding domestic presence with new branches to bring the total number up to 153 from 141. Dice shares popper 4.6% in their first day of trading.