Banque du Caire Shares Jump 7% as Trading Begins on Egyptian Exchange

Banque du Caire shares have begun trading on the Egyptian Exchange after an IPO that Prime Minister Mostafa Madbouly called the largest in Egyptian market history.

• Trading on Banque du Caire shares began Monday on the Egyptian Exchange, with the stock jumping 7 percent to 5.6 Egyptian pounds in its first minutes.
• The private offering was covered about six times, reaching 6.519 million shares or 42.75 percent of capital, and the public offering about 27 times.
• Prime Minister Mostafa Madbouly said at the opening session that the listing was the largest public offering in Egyptian market history.
• Madbouly said the bank's valuation exceeded 80.8 billion pounds and the offered stake 36.3 billion, affirming the government will continue its privatization program.
• Madbouly rang the trading bell to open the session, calling the listing a landmark step in Egypt's economic reform.
• The public offering attracted more than half a billion dollars in foreign investment, according to the report.
• Madbouly tied the listing to the state's ownership policy of expanding private-sector participation and broadening the ownership base.
• The offering comprised more than 6.8 billion shares, representing 45 percent of the bank's capital.
• The Cabinet Media Center said the bank's issued capital amounts to 30.5 billion pounds.
• The listing drew interest from international institutions, including the EBRD and the IFC.