The public offering of the United Bank on the Egyptian Exchange (EGX) has been oversubscribed by 59 times, as per an EGX announcement on December 3rd.
The offering, which aims to raise up to EGP 4.6 billion by selling 30% of the bank’s shares, saw buy orders on nearly 974.292 million shares.
The United Bank, which is owned by the Central Bank of Egypt (CBE), began the process with a private offering for institutional investors from November 20th to 25th.
The private placement, which involved the offering of 313.5 million shares, was covered by about six times.
The subsequent public offering for individual investors, which opened on November 27th and closed on December 3rd, offered 16.5 million shares.
The final offering price was set at EGP 13.85 per share.
