Banque du Caire roadshow underway ahead of stock exchange listing
PRIVATIZATION WATCH- BdC IPO appears to be moving forward as gov’t kicks off roadshow: The government has begun its roadshow for Banque du Caire’s (BdC) upcoming IPO this year, Banque Misr Chairman Mohamed El Etreby tells Masrawy. Banque Misr is BdC’s majority shareholder. BdC has also embarked on an early look mission in the UK, US, and Dubai to gauge investors’ demand, Hapi Journal quoted sources as saying. BdC Chairman Tarek Fayed had previously said that the bank could sell as much as 49% of its shares in its EGX debut. It remains unclear whether that figure still stands or will be adjusted.
Background: Banque du Caire, along with payments platform e-Finance, is first in line to IPO under the state privatization program. The program, which the government first announced back in 2018, includes eight companies expected to IPO. BdC’s IPO is expected to include a primary offering and to see the state simultaneously offload part of its equity stake in a secondary sale. The transaction is expected to attract investors from beyond the region.