Egypt: Banque du Caire IPO raises €585 million

Banque Misr sold 6.86 billion shares in Banque du Caire, representing 45% of its capital, at 5.30 Egyptian pounds per share. The sale raised about €585.4 million and valued the bank at more than €1.3 billion. Prime Minister Moustafa Madbouly said the listing reflected the government’s commitment to continuing public-asset sales, while CEO Hussein Abaza called it a sign of confidence in Egypt’s stock market. The IPO is part of IMF-backed reforms aimed at expanding private-sector participation and reducing the state’s role in the economy.