Egypt raises more than $650 million in IPO

Egypt raised about $658 million by selling a 45% stake in Banque du Caire, one of the country’s largest public-asset sales in recent years. Banque Misr, the bank’s majority shareholder, sold 6.86 billion shares at 5.30 Egyptian pounds each, valuing the lender at about $1.46 billion. The sale is part of reforms backed by the IMF to expand private-sector participation and reduce the state’s role in the economy. The government has also said it plans to sell stakes in more than 30 state-owned companies.