Banque Du Caire’s private tranche sells out, MNT-Halan preps for trading

Here are the stories driving the day both at home and abroad. Banque du Caire’s private placement reportedly sold out within hours of opening, Al Arabiya reports, citing anonymous sources, without giving coverage multiples. The institutional tranche of the IPO, which represents 95% of the shares on offer, was fully covered on the first day of subscriptions but will remain open until 23 October. There’s no word yet on retail demand, with subscriptions remaining open until 28 October. A covered book makes it more likely that Banque Misr exercises its option to take the sale to 45% of the bank as reported this morning.

On another note: MNT-Halan shares are set to begin trading on the EGX tomorrow at an offering price of EGP 24.50 per share. The debut comes on the heels of a successful initial public offering last week that was 16x oversubscribed. The stock will be permitted to fluctuate up or down by up to 40% — double the standard daily limit — with price caps temporarily lifted until the market establishes today’s closing price, giving the share ample breathing room to settle. The company is offering roughly 320 mn shares, representing a 20% stake.

Protecting retail investors: A stabilization fund will maintain open buy orders at the EGP 24.50 offer price for the first 30 days of trading. The fund will be fully backed by the nearly EGP 1.18 bn raised through the retail tranche of the offering.

^^ We’ll have more on these stories in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- Conditions remain steady in C-town tomorrow, with temperatures peaking at a hazy 28°C before dropping to an overnight low of 18°C, according to our favorite weather app.

MAKING HEADLINES ABROAD-

Protests across Europe continue to dominate headlines as unrest spills over from France and Spain to Portugal and Italy. Tent encampments have sprung up in Lisbon, while looting and vandalism in Milan led to 200 protesters being detained. In France, a weekend of riots and violent protests prompted Interior Minister Laurent Nuñez to offer his resignation, saying police had lost control.

President Emmanuel Macron rejected Nuñez’s resignation, instead pointing to “intelligence and foresight failings.” Meanwhile, the mayors of Paris, Marseille, and Lyon are demanding answers from their government over the seeming lack of preparation by security forces across the country.

^^ Read more on: BBC, Reuters, and The Guardian.

MEANWHILE- Tensions between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump continue as Ukraine defies the proposed ceasefire with Russia, launching one of its largest drone attacks on a key oil terminal overnight on Saturday. Zelensky accuses Trump of pressuring Kyiv to surrender to Russia, while reports say Russian President Vladimir Putin is considering a three-way summit with Trump and Chinese President Xi Jinping to negotiate an end to the war, potentially without Ukraine on the table.

^^ Read more on: Bloomberg, CNBC, and CNN.