Egyptian state-owned bank Banque du Caire has increased its IPO offering volume to 45%. This is reported in the bank's press release.
Initially, Banque du Caire planned to sell 30% of the shares (4.6 billion shares) owned by Banque Misr for $454 million, with an increase in volume depending on demand during the subscription process.
EBRD and International Finance Corp. (IFC) agreed to buy back 15.74% each as part of a private tranche. The vast majority of shares (95%) were placed privately, increasing the market capitalization of Banque du Caire to 80.83 billion pounds ($108 billion).
EFG Hermes and CI Capital Investment Banking act as global coordinators of the bank's share placement, which is part of the government's broader program to privatize state assets.
Banque du Caire is a large Egyptian bank with headquarters in Cairo. The bank offers a wide range of services and products to 3 million users through a network of 248 branches.
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