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Sunday, 14 March 2021

Banque du Caire’s IPO could happen by year-end

State-owned Banque du Caire’s IPO could materialize by the end of the year, with the lender postponing its plans to debut 20-30% of its shares on the EGX due to current market conditions, Masrawy reports, citing unnamed sources in the banking industry. The decision to postpone comes as global equity markets are still going through a turbulent patch, while Ramadan arriving next month will see more retail investors sitting on the sidelines. The bank also needs more time to complete procedures for the offering, the sources claimed.

Background: BdC, Egypt’s third largest state-owned bank, was hoping to raise some USD 500 mn via its IPO on the EGX in what was expected to be the country’s biggest sale of state assets since 2006. The offering — which has been in the works since 2016 — was most recently slated for April 2020, but BdC was forced to slam on the brakes and postpone the listing in the wake of covid-induced market turmoil. The European Bank for Reconstruction and Development, the Sovereign Fund of Egypt and Abu Dhabi Development Holding were reportedly considering purchasing a stake.

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