United Bank’s shares rose 3.2% to EGP 14.29 per share by the time the markets closed yesterday on their first day of trading. During trading, the company’s shares under the ticker UBEE.CA rose by as much as 10.0% to change hands at EGP 15.23, before pairing back gains, according to market data. This put the bank’s market capitalization yesterday at EGP 15.7 bn.

This marks only the second post-IPO EGX debut this year, after Act Financial began trading on the EGX in late July and saw its shares jump 29.7% on the first day of trading. It also marks the first IPO of a bank on the EGX in 28 years, according to the offering’s sole global coordinator and bookrunner CI Capital in a statement.

Remember: The Central Bank of Egypt-owned bank offered up a 30% stake in the IPO — equivalent to 330 mn shares — at a share price of EGP 13.85 each, raising some EGP 4.57 bn. United Bank’s retail offering, which closed last week, was oversubscribed 59x, while the offering’s private placement was covered 6x. The offering as a whole was more than 8.6x oversubscribed.

More IPOs of state-owned companies could soon be on their way: Prime Minister Mostafa Madbouly told reporters last week that his government plans to offer three to four companies affiliated with the military on the bourse, which was followed by unconfirmed reports naming two of the companies as Wataneya and Safi with listings pencilled in for 1Q 2025.

What they said: “The offering coverage figures reflected a great thirst for new subscriptions and offerings, and increased confidence in the EGX, and increasing confidence in the bourse to accommodate all subscriptions and offerings, whether coming from the government of the private sector,” EGX head Ahmed El Sheikh said at the ringing of the bell to mark the entrance of the stock, according to a statement (pdf) from the central bank.

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.

United Bank’s EGX debut also caught the attention of the int’l business press: Bloomberg

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