Egypt has achieved a historic milestone with the initial public offering (IPO) of United Bank on the Egyptian Exchange (EGX). This would be the first bank listing in over 25 years and the country’s first IPO since 2021.
The move is a cornerstone of an International Monetary Fund (IMF)-backed privatization program aimed at attracting private-sector investment and bolstering economic resilience.
United Bank offered a 30% stake, pricing 330 million shares at EGP13.85 each, valuing the bank at EGP15.24 billion (roughly $300 million). The institutional book-building process, which closed on November 25, 2024, generated demand exceeding six times the offered shares. The retail tranche, which closed on December 3, attracted extraordinary interest, with subscriptions surpassing 59 times the shares on offer. Altogether, the IPO garnered a demand for 2.85 billion shares, oversubscribing the offering by 8.6 times. United Bank shares began trading on December 10, under the ticker UBEE.CA.
During the bell-ringing ceremony, Central Bank of Egypt (CBE) Governor Hassan Abdalla emphasized the significance of the listing. “This historic IPO reflects the resilience and transparency of Egypt’s financial sector. It aligns with our broader commitment to fostering sustainable growth and attracting diverse investments,” he said.
Ahmed El-Sheikh, Chairman of the Egyptian Exchange, called the IPO transformative for Egypt’s capital markets. “This listing not only boosts market liquidity but also paves the way for future IPOs, cementing Egypt’s position as a leading regional financial hub,” he noted.
United Bank CEO Ashraf El-Kady expressed optimism about the bank’s growth trajectory. “The proceeds from this offering will strengthen our capital base, support our expansion plans, and enable us to deliver greater value to our stakeholders,” he said.
The IPO aligns with Egypt’s broader reform agenda to deepen its capital markets and divest state-owned assets, in line with IMF recommendations to promote private-sector participation. The overwhelming demand underscores investor confidence in Egypt’s economic potential, signaling that financial sector reforms are positioning the country as a focal point for domestic and international investment, even amid persistent economic challenges. The United Bank pivotal listing highlights Egypt’s success in attracting investor interest, showcasing its resilience against economic headwinds.
