CI Capital has announced the successful execution of the EGP 4.57bn initial public offering (IPO) of United Bank, marking a significant milestone in the Egyptian financial market. This transaction, one of the largest in recent years, makes United Bank the first banking institution to debut on the Egyptian Exchange in nearly three decades.
The IPO ceremony, held during the opening bell of the Egyptian Exchange, was attended by prominent leaders from the financial sector, including the Governor of the Central Bank of Egypt, the Chairman of the Financial Regulatory Authority, the Chairperson of the Egyptian Exchange, and the Chairperson of United Bank, alongside other high-ranking decision-makers. CI Capital served as the Sole Global Coordinator and Bookrunner, advising the Central Bank of Egypt (the selling shareholder) and United Bank on the transaction.
The offering comprised 30% of the bank’s shares, totaling 330 million shares, priced at EGP 13.85 each. This valuation set United Bank’s market capitalization at EGP 15.24bn upon its debut. The offering included 313.5 million shares allocated to qualified institutional investors in Egypt and internationally (the Institutional Offering) and 16.5 million shares offered to Egyptian retail investors (the Retail Offering).
Demand for the IPO exceeded expectations. The institutional book-building process, which closed on November 25, 2024, generated demand of approximately 6x the offered shares. Meanwhile, the retail tranche, which closed on December 3, 2024, achieved an extraordinary coverage of over 59x. Combined, the total demand for the offering reached approximately 2.85bn shares, representing more than 8.6x coverage.
Trading of United Bank’s shares commenced on 10 December 2024, under the ticker symbol UBEE.CA.
United Bank has earned recognition as a strategically positioned institution with a robust mix of conventional and Islamic banking services. As one of only 14 banks in Egypt holding an Islamic banking license, it offers a comprehensive suite of Sharia-compliant and conventional financial products through its extensive branch and digital networks. By integrating cutting-edge technology into its operations, the bank serves a diverse clientele across all segments.
The success of this IPO reflects strong investor confidence in Egypt’s financial market and underscores CI Capital’s leadership in delivering innovative financing solutions. As Egypt’s top-ranked advisory house and a leading financial services provider, CI Capital continues to play a pivotal role in shaping the country’s capital markets.
CI Capital advises on United Bank’s EGP 4.57bn IPO on Egyptian Exchange
