The United Bank sets price range for IPO on EGX
Updated 11/12/2024 8:21:00 AM
Arab Finance: The United Bank has set an indicative price range for its forthcoming initial public offering (IPO) on the Egyptian Exchange (EGX) between EGP 12.70 and EGP 15.60 per share, as per a press release.
The IPO will involve the offering of 330 million ordinary shares, accounting for up to 30% of the bank's share capital.
The final offer price will be established through a book-building process.
The IPO will be conducted as a secondary sale by the Central Bank of Egypt (CBE), which currently holds a majority stake in The United Bank.
It includes an institutional offering of 313.5 million shares, intended for selected institutional investors within Egypt and internationally, and a retail offering of 16.5 million shares available to retail investors in Egypt.
The United Bank is currently securing approvals from the Financial Regulatory Authority (FRA) and the EGX, with the IPO’s completion anticipated in the fourth quarter (Q4) of 2024, contingent on market conditions and regulatory consent.
Upon completion, The United Bank shares will be traded on the EGX under the ticker UBEE.CA.
CI Capital Investment Banking is acting as the sole global coordinator and bookrunner for the IPO, with Helmy, Hamza & Partners, the Cairo office of Baker McKenzie, serving as the legal counsel.
Related News
