Last Night’s Talk Shows on ACUD expected IPO

Nothing much to note on last night’s shows, but over the weekend the Administrative Capital for Urban Development’s (ACUD) IPO got some interesting airtime. ACUD expects an IPO price of around EGP 400 a share, up from an earlier estimate of about EGP 100, with an asset revaluation potentially pushing the company’s total value close to EGP 1 tn, Chairman Khaled Abbas said in an interview with El Sora’s Lamees El Hadidi (watch, runtime: 1:02:24) on Sunday. That prices ACUD at roughly 2.5 bn shares at the EGP 1 tn valuation by our math.

The price target sits on record financials: ACUD posted EGP 45 bn in net income in 2025 and generated EGP 133 bn in pre-tax income over its 10-year history, paying EGP 37 bn in taxes to the state. It has distributed close to EGP 100 bn to its three shareholders — the Defense (51%) and Housing ministries, the two main ones — and invested roughly EGP 220 bn in infrastructure and construction. All were self-funded, with no bank or state loans, Abbas said, though he noted the company could consider financing some projects if interest rates fall.

The appreciation is visible in the New Capital’s land pricing: The first residential launch sold at EGP 2.5k per sqm; residential rates now run EGP 10k-12k per sqm, while commercial space in the towers district exceeds EGP 70k per sqm. The company’s books are audited by a Big Four firm, Abbas said.

IPO path: Abbas said ACUD has resumed work on the IPO and hopes to complete the necessary arrangements during 2026, though the ultimate decision on timing and structure rests with the company’s owners. A senior government official told us in August that he expects a decision by end-2026 or 2027. Abbas said the company is weighing three options regarding the IPO structure: an IPO of the parent company, of one or more subsidiaries, or the creation of a dedicated Phase 2 company to list. Even a 5% stake could exceed the EGX’s capacity, opening the door to a dual or international listing. Abbas did not specify the offering percentage, which shrank from 5-10% to as low as 1% over the past two years.