IPO WATCH- The Finance Ministry will unveil the details of the state IPO program in the second half of January, Vice Minister of Finance Ahmed Kouchouk tells Al Mal. Kouchouk refused to reveal any more details. We had noted last month that senior members of the Ismail Cabinet were pushing for the release the timeline this month, but had been met with some resistance from within their ranks. The committee Cabinet has tasked with running the state IPO program has yet to issue anything definitive about the program.

Petroleum services outfit Enppi is expected to be first up in the pipeline, with a listing planned for 1Q2018, according to statements made earlier by Investment Minister Sahar Nasr. Banque du Caire’s IPO, which was initially slated for last fall, is expected in 4Q2018, according to EFG Hermes’ Co-Head of Investment Banking Mustafa Gad. The listing was delayed as a result of the central bank’s shakeup of management at state-owned banks. EFG Hermes and HSBC are managing the issuance, while Baker McKenzie has been tapped as legal advisor.