United Bank has concluded its retail and private offerings ahead of the company being traded on the EGX, with its retail offering that closed yesterday being oversubscribed 59x, according to data (pdf) from the EGX. The tranche offered up 16.5 mn shares — equivalent to 5% of the total offering — at EGP 13.85 a pop.

The bank’s private placement was also a hit with institutional investors, with the offering of 313.5 mn shares — equivalent to 95% of the total offering — being 6x oversubscribed by the time the offering came to a close last week

Remember: The much-anticipated IPO saw the CBE-owned United Bank offer a 30% stake — equivalent to 330 mn shares — at a share price of EGP 13.85 each, with the offering expected to raise some EGP 4.6 bn. This is the second IPO to hit the EGX this year, following Act Financial’s debut in July, and marks another feather in the government’s privatization program cap.

Advisors: CI Capital was the sole global coordinator and bookrunner for the offering, while Helmy, Hamza & Partners — Baker McKenzie’s Cairo office — acted as counsel. Baker Tilly was the offering’s independent financial advisor and Ernst & Young (EY) the auditor.

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