{"id":547918,"date":"2022-07-19T03:54:30","date_gmt":"2022-07-19T03:54:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/"},"modified":"2022-07-19T03:54:30","modified_gmt":"2022-07-19T03:54:30","slug":"has-banque-du-caire-pushed-its-ipo-back-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/","title":{"rendered":"Has Banque du Caire pushed its IPO back again?"},"content":{"rendered":"

<\/a> Banque du Caire\u2019s IPO may have been kicked down the road once more:<\/strong> State-owned Banque du Caire is postponing its long-awaited IPO due to unfavorable market conditions, Al Borsa<\/a> reports, citing unnamed sources. The bank had been set to make its EGX debut by the end of the year, but the sources suggested that poor liquidity on the EGX had led the offering to be postponed \u201cuntil market conditions improve.\u201d Banque du Caire and EFG Hermes \u2014 which is managing the offering alongside HSBC \u2014 declined to comment when we reached out this week.<\/p>\n

This shouldn\u2019t come as a big shock: <\/strong>The EGX 30 has entered a bear market this year amid a tough time for equities markets globally, as war in Ukraine, inflationary pressure, rising interest rates and supply \/ demand imbalances spur risk-off sentiment among investors. The benchmark index is currently trading at lows not seen since November 2016 and has lost 26% from its recent peak in January.<\/p>\n

And don\u2019t be surprised if the state decides to privatize Banque du Caire through a trade sale. <\/strong>The Banque Misr-owned institution has attracted interest from strategics in the past. We think a one-and-done trade sale at a reasonable valuation would go a long way toward showing the state is serious about its plan to generate USD 10 bn per year through asset sales in each of the nexts four years. (Just don\u2019t expect the transaction to hit the high-water-mark for valuation posted by the sale of Bank of Alexandria to Italy\u2019s Intesa Sanpaolo in 2006\u2026)<\/p>\n

BdC is ready to make its debut<\/strong> and has major Gulf and foreign institutional players interested in subscribing to the offering, the sources told the newspaper. The bank underwent a restructuring in May<\/a> ahead of the offering which saw its majority shareholder Banque Misr purchase nearly all of the remaining shares from its investment arm, Misr Capital, giving it direct ownership of 99.99% of its shares.<\/p>\n

But flagging equity markets in Egypt and far beyond suggest IPOs are not likely to soon be on the menu.<\/strong> Public Enterprises Minister Hisham Tawfik said last month<\/a> that when the government resumes offering shares on the EGX will depend on when demand picks up. The government began 2022 targeting as many as 10 stake sales<\/a> through the year but the deterioration of market conditions has put its plans on hold.<\/p>\n

The BdC sale has been a long time coming:<\/strong> The state has waned to sell a stake in the bank since 2016 but has pulled back multiple times, primarily due to poor market conditions. BdC, Egypt\u2019s third largest state-owned bank, was hoping to raise some USD 500 mn<\/a> from the sale back in 2020 \u2014 making it the country\u2019s biggest sale of state assets since 2006 \u2014 before the covid-19 pandemic forced it to delay its plans<\/a>. At the time, the European Bank for Reconstruction and Development<\/a>, the Sovereign Fund of Egypt and Abu Dhabi Development Holding<\/a> were reportedly considering purchasing a stake.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banque du Caire\u2019s IPO may have been kicked down the road once more: State-owned Banque du Caire is postponing its long-awaited IPO due to unfavorable market conditions, Al Borsa reports, citing unnamed sources. The bank had been set to make its EGX debut by the end of the year, but the sources suggested that poor […]<\/p>\n","protected":false},"author":1,"featured_media":547919,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[204,726,576,68,72,78,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-banking","tag-banque-du-caire","tag-banque-misr","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"004a2209-c482-4067-af0e-5ba87566e2d4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/189.jpg","photo_position":"above","related_issue":[547912],"teaser":"","voice_url":""},"yoast_head":"\nHas Banque du Caire pushed its IPO back again? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Has Banque du Caire pushed its IPO back again?\" \/>\n<meta property=\"og:description\" content=\"Banque du Caire\u2019s IPO may have been kicked down the road once more: State-owned Banque du Caire is postponing its long-awaited IPO due to unfavorable market conditions, Al Borsa reports, citing unnamed sources. 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This was telegraphed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/227.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573675,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/banque-du-caire-ipo-on-hold-until-2021\/","url_meta":{"origin":547918,"position":1},"title":"Banque du Caire IPO on hold until 2021","author":"enterpriseam admin","date":"13 August 2020","format":false,"excerpt":"IPO WATCH- Banque du Caire\u2019s IPO isn\u2019t happening before 2021: State-owned Banque du Caire\u2019s (BdC) plans to debut on the EGX won\u2019t be seeing the light of day until next year once the covid-19 pandemic has subsided, Masrawy reports, citing unnamed sources familiar with the matter. The bank had planned\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591742,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/banque-du-caire-to-offer-49-stake-by-1q2020\/","url_meta":{"origin":547918,"position":2},"title":"Banque du Caire to offer 49% stake by 1Q2020","author":"enterpriseam admin","date":"16 December 2019","format":false,"excerpt":"IPO Watch- Banque du Caire to offer up to 49% in 1Q2020 IPO: State-owned Banque du Caire (BdC) could sell as much as 49% of its shares in its upcoming IPO, which is expected to hit the EGX in 1Q2020, Chairman Tarek Fayed tells Al Arabiya (watch, runtime: 1:58). Fayed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570733,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/banque-du-caire-postpones-ipo-on-market-turmoil-chairman\/","url_meta":{"origin":547918,"position":3},"title":"Banque du Caire postpones IPO on market turmoil -chairman","author":"enterpriseam admin","date":"13 April 2020","format":false,"excerpt":"IPO WATCH- Banque du Caire postpones IPO on market turmoil, chairman confirms: State-owned Banque du Caire (BdC) has shelved plans to debut 20-30% of its shares on the EGX in April thanks to fallout from the covid-19 pandemic, Chairman Tarek Fayed confirmed to Al Masry Al Youm in an interview\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569115,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/banque-du-caire-ipo-could-go-ahead-in-mid-april\/","url_meta":{"origin":547918,"position":4},"title":"Banque du Caire IPO could go ahead in mid-April","author":"enterpriseam admin","date":"13 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- State-owned Banque du Caire (BdC) shares could start trading on the EGX by the middle of April, the local press reports, citing unnamed industry sources. The bank, which is reportedly set to sell a 45% stake to investors, go ahead with a classical offering to both institutional and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568848,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egypts-banque-du-caire-to-offer-45-stake-in-1h2020-ipo\/","url_meta":{"origin":547918,"position":5},"title":"Egypt\u2019s Banque du Caire to offer 45% stake in 1H2020 IPO","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"IPO WATCH- Banque du Caire to offer 45% stake in 1H2020 IPO: State-owned Banque du Caire (BdC) will offer a 45% stake on the EGX in 1H2020, Banque Misr Chairman Mohamed Eletreby said, according to Reuters. Banque Misr is BdC\u2019s majority shareholder. BdC chairman Tarek Fayed said last year that\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547918"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547918\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547919"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547918"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547918"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}