Egypt has launched the sale of a stake in United Bank valued at up to $104 million, marking the country’s first initial public offering (IPO) since 2021.
United Bank is offering 330 million shares
This move is part of a broader privatization initiative supported by the International Monetary Fund (IMF). United Bank, largely owned by Egypt’s central bank, is offering 330 million shares, representing a 30% stake, at a maximum price of 15.6 Egyptian pounds per share, according to an announcement on the stock exchange’s website on Wednesday.
First shares to go soon
The IPO will begin with a private placement of 313.5 million shares, available until November 25, as reported by Bloomberg. The remaining 5% of shares will be offered to the public from November 27 to December 3.
The sale of United Bank shares aligns with long-standing plans by Egyptian authorities to reduce state control over the economy and reflects renewed efforts to privatize state-owned assets.
