The United Bank has set the indicative price range for its initial public offering (IPO) on the Egyptian Exchange between EGP 12.7 and EGP 15.6 per share, with potential proceeds ranging from EGP 4.2bn to EGP 5.1bn. The final offering price will be determined through a book-building process.
The United Bank, owned by the Central Bank of Egypt, announced in late October its intention to offer 330 million shares on the Egyptian Exchange before the end of this year, representing 30% of its shares.
The bank intends to allocate 95% of the offering shares (313.5 million) to institutional investors and 5% (16.5 million shares) to retail investors.
The bank plans to start trading its shares on the Egyptian Exchange before the end of the year, a quarter earlier than initially expected and is currently working to obtain the necessary approvals from the Egyptian Financial Regulatory Authority (FRA) and the Egyptian Exchange.
CI Capital, which is managing the United Bank’s IPO, is set to launch its marketing campaign for the offering this week. The promotional tour will include Saudi Arabia, Dubai, London, and South Africa.
