ZAWYA: Egypt IPOs: Banque du Caire to stay the course with Q2 window still in play

Ahmad MousaThe upcoming IPO of Banque du Caire (BdC) seems to be undeterred by the US-Iran conflict, with the April-June window still in play amid strong pre-IPO roadshow demand, Hany Genena, Head of Research at Al Ahly Pharos told Zawya.CI Capital has conducted a roadshow across financial hubs, including London, New York and the UAE, to gauge investor appetite ahead of a potential listing.BdC is owned by Banque Misr, which has already appointed an independent financial advisor, as well as investment banks and legal advisors for the transaction. EFG Hermes is among the advisors on the transaction, a source familiar with the matter told Zawya.According to Genena, pricing is expected to land between the multiples seen in United Bank of Egypt (1.2x book) and CIB (1.6x book).While regulations allow for the listing of up to 49% of the lender, a more conservative 30–40% stake is likely.Meanwhile, Genena believes that the bulk of upcoming EGX IPOs will be deferred to Q3 2026.As part of Egypt’s IPO programme, six state-owned companies were temporarily listed on the EGX on April 8. They have a six-month window to complete requirements before trading begins. The companies include: Alexandria Company for Refractories, Egyptian Ferroalloys, Al Nahda Industrial, Egyptian Company for Pipes and Cement Products (Seigwart), El Nasr Mining, and El Nasr Glass and Crystal. The government has a plan to list 20 state-owned companies.Egypt is targeting $3-4 billion in proceeds from IPOs and stake by end-2026, and $6 billion by the following fiscal year.The most recent state listing was United Bank in October 2024.(Reporting by Ahmad Mousa; editing by Seban Scaria)Ahmad.mousa@lseg.comDisclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.