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Thursday, 5 March 2020

Abu Dhabi Development Holding Company, Sovereign Fund of Egypt could participate in BdC IPO

IPO WATCH- Abu Dhabi Development Holding Company, Sovereign Fund of Egypt could participate in BdC IPO: Abu Dhabi Development Holding Company and the Sovereign Fund of Egypt are considering participating in Banque du Caire’s (BdC) USD 500 mn IPO on the EGX, the local press reports, citing informed sources. Neither the SFE or ADDH have commented on the report. The bulk of the shares will be allocated to strategic investors, institutions and funds to increase the chances that the offering is fully subscribed, they said. BdC Chairman Tarek Fayed said in an interview with Reuters earlier this week that the bank would allocate between USD 50-70 mn of the offering to a few anchor investors.

Questions over the IPO’s timing: Fayed also said that although the bank is targeting a listing in mid-April, much will depend on how market conditions play out in the face of the intensifying covid-19 outbreak. “Our plan is to go with the IPO by mid-April, but it depends on the market conditions…The appetite is still strong. But nobody knows what could happen in the next 10 to 15 days,” he said.

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