Egypt Raises Over $650 Million from Bank of Cairo’s Record-Breaking IPO

Egypt has raised approximately 36.3 billion Egyptian pounds (around $650.7 million) through the Initial Public Offering (IPO) of a 45% stake in Bank of Cairo, marking the largest-ever IPO in the country's stock market. According to the government, more than 6.86 billion shares were sold under the offering, bringing the bank's total valuation to approximately 80.8 billion Egyptian pounds. Egyptian Prime Minister Mostafa Madbouly attended the inauguration ceremony marking the commencement of trading in the bank's shares. Senior officials from the banking and capital market sectors were also present at the event. Speaking at the ceremony, Prime Minister Madbouly described Bank of Cairo's stock market listing as a significant achievement in Egypt's economic reform programme. He said the move reflects the government's policy of expanding private sector participation in the economy and broadening share ownership among individual and institutional investors. Meanwhile, Egyptian Exchange Chairman Omar Radwan described the IPO as the beginning of a new chapter in the country's capital market. The Egyptian government has been pursuing economic reforms aimed at increasing private sector participation and attracting private investment into state-owned enterprises. The listing of Bank of Cairo is being viewed as an important step towards achieving these objectives and strengthening the country's capital market.