CI Capital has successfully completed its advisory on the EGP 4.57 billion initial public offering (IPO) of The United Bank on the Egyptian Exchange (EGX), according to an emailed press release.

This marks the first bank IPO on the EGX in nearly 30 years. 

The United Bank offered 30% of its shares, equivalent to 330 million shares, at a price of EGP 13.85 per share, implying a market capitalization of EGP 15.23 billion at the opening bell. 

The offering was divided into two parts: 313.5 million shares were allocated to institutional investors in Egypt and abroad, while 16.5 million shares were set for retail investors in Egypt.

The institutional offering generated demand 6 times the available shares, while the retail portion saw exceptional demand, with coverage exceeding 59 times.

In total, the IPO was oversubscribed 8.6 times, with orders surpassing 2.85 billion shares. 

CI Capital acted as the sole global coordinator and bookrunner for the offering, advising the Central Bank of Egypt (CBE) and The United Bank. 

The United Bank’s shares started trading on the EGX on Tuesday, December 10th, 2024, under the symbol UBEE.CA.