CI Capital Investment Banking S.A.E., a subsidiary of CI Capital Holding for Financial Investments (CICH.CA), acting as Lead Global Coordinator and Bookrunner, announces the successful completion of the initial public offering (“IPO”) of Banque du Caire S.A.E. (“BdC” or the “Bank”) on the Egyptian Exchange (“EGX”).
Unprecedented Investor Demand and Tranche Breakdown
The offering comprised 6,862,500,000 ordinary shares, representing 45.0% of Banque du Caire’s issued share capital. Total investor demand reached an extraordinary EGP 255.0 billion (USD 4.5 billion), representing a overall coverage of 7.0x for the EGP 36.37 billion (USD 648 million) offering.
Breakdown of Offer Tranches:
- Private Tranche: Accounted for 95.0% of the offering (6,519,375,000 shares). It attracted EGP 205.8 billion (USD 3.7 billion) in demand—the highest recorded for a private tranche in EGX history—representing 6.0x coverage (increasing to 19.8x after excluding key strategic and cornerstone investors).
- Public Tranche: Accounted for the remaining 5.0% of the offering (343,125,000 shares).
CI Capital generated approximately 60% of total institutional demand and contributed to 64% of the allocated book, underscoring the high-quality international and regional distribution capabilities of its network.
Strategic Anchor Investors & Institutional Backing
CI Capital exclusively led the process to secure USD 100 million commitments each from the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). These anchor investments were instrumental in enabling the offering to be upsized from 30.0% to 45.0% of the Bank’s issued share capital.
Alongside EBRD and IFC, commitments from cornerstone investors—including Helikon Investments Limited, Waha Investments Limited, Sustainable Capital Limited, and RWC Asset Management LLP—brought total strategic and cornerstone commitments to USD 460 million.
Senior Management Remarks
“We are very proud to have led this historic and landmark transaction, a watershed moment for the Egyptian capital markets; working very closely with the issuer, the selling shareholder, and stakeholders over the past couple of years across multiple workstreams.
The strength of foreign institutional participation is particularly encouraging, signalling renewed international appetite for Egyptian equities after a period of more subdued engagement. This response underscores the EGX’s capacity to attract substantial capital to compelling investment opportunities.”
CI Capital management extended sincere appreciation to Banque Misr, as the selling shareholder, for its continued trust and support, as well as to Banque du Caire’s management team and employees for their dedication throughout the multi-year execution process.
CI Capital’s Investment Banking Track Record
Over the past 5 years, CI Capital has led and assisted clients in raising over USD 7.4 billion across 90+ transactions, cementing its position as the investment bank of choice for executing complex, high-profile transactions in the region.
