Arab Finance: The Financial Regulatory Authority (FRA) agreed to increase the stake offered for sale in Banque du Caire’s initial public offering (IPO) from 30% to 45% of the total issued share capital, as per a bourse filing.

This came after the IPO attracted subscription orders for nearly 453.6 million shares in the public tranche, representing a coverage ratio of 1.98 times the 228.75 million shares allocated to retail investors.

In this regard, the FRA asserted that it had no objection to the raise, provided that all applicable legal requirements and procedures are met.

Moreover, the FRA passed the publication of a supplementary disclosure concerning agreements allowing the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) to participate in the private offering tranche.

Banque du Caire and its principal shareholder, Banque Misr, signed agreements with the EBRD and the IFC, allowing each institution to participate independently in the private offering tranche. Each institution has agreed to subscribe for up to 15.74% of the private offering tranche.  

The lender also inked cornerstone investment agreements with a group of qualified investors to purchase about 63% of the shares allocated to the first tranche of its private placement.