Banque du Caire’s IPO has been delayed again, with roadshows pushed to September

Banque du Caire’s (BdC) IPO is delayed again, with investor roadshows pushed to September or October and a new target to float by year-end, missing its original end-of-June deadline. Investment banks managing the offering requested the pause to widen the investor pool during the summer market lull, Hashem El Sayed, assistant prime minister and head of the State-Owned Companies Unit, tells EnterpriseAM.

The regulatory and fair value work is done, El Sayed says, with the prospectus now finalized and submitted to Banque Misr — which owns BdC — and the CBE for review. “A number of international institutions and investors have already expressed interest in participating in the offering,” he tells us, adding that BdC tapped EFG Hermes and CI Capital as joint bookrunners and advisors for the IPO.

The stake size remains unconfirmed. While we reported back in April that the government was hoping to greenlight as much as 49% — the ceiling under current regulations — El Sayed says investment banks are debating a 30-40% slice.

Regional geopolitical tensions tied to the Iran war also drove the delay, the Arabic press reports, citing an unnamed senior government official. This isn’t the first time a war has thrown Banque du Caire’s IPO off course. The bank was forced to push back a 2022 listing attempt after the war in Ukraine rattled the market — the EGX listing deadline was extended to March 2023 before they eventually pulled the plug.

OUR TAKE- EFG Hermes and CI Capital now have more time to rebuild BdC’s institutional book, which was likely disrupted by the Iran war. CI Capital previously found strong appetite during an early-look roadshow to investors in London, New York, and the UAE in December 2025.

Privatization pipeline progress

The government’s goal to temporarily list 30 state-owned companies — including 10 petroleum companies — on the EGX by the end of June is running behind. Only four state-owned companies listed on the main market in May (Chemical Industries Development, El Nasr Fertilizers, Egoth, and Misr Travel), alongside two on the SMEs market (National Asset Management & Investment and National Investment and Reconstruction).

Meanwhile, investment banks managing the Misr Life Ins. IPO are seeking a strategic investor and institutions to cover the private placement tranche. The offering could still go through between June and July provided demand is there, aligning with targets set by Investment Minister Mohamed Farid days ago.

What’s next: A relevant government committee will meet next Tuesday to approve the temporary listing of four petroleum companies, El Sayed says.

REMEMBER- The government is targeting c. USD 4.5 bn in privatization proceeds over the next three years — recalibrated down from USD 6 bn in a single fiscal year due to war sapping investor appetite. The privatization pipeline is also under scrutiny by the IMF, which views it as a critical benchmark for releasing funds. The IMF was progressing toward a late-June disbursement as of last month.