{"id":655546,"date":"2024-11-20T00:00:00","date_gmt":"2024-11-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/united-bank-sets-ipo-plans-in-motion-with-private-placement-starting-today\/"},"modified":"2024-11-20T00:00:00","modified_gmt":"2024-11-20T00:00:00","slug":"united-bank-sets-ipo-plans-in-motion-with-private-placement-starting-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/united-bank-sets-ipo-plans-in-motion-with-private-placement-starting-today\/","title":{"rendered":"United Bank sets IPO plans in motion with private placement starting today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Attention, institutional investors: <\/strong>United Bank will kick off its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ac297e0-bf51-431c-a4ca-1efc1b948037\/united-bank-eyes-raising-up-to-egp-5.1-bn-in-upcoming-ipo\" style=\"\" rel=\"noopener\">planned offering<\/a> on the EGX today, with the bank offering shares for up to EGP 15.60 a pop in a private placement, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1854.jpg\" style=\"\" rel=\"noopener\">stateme<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1854.jpg\" style=\"\" rel=\"noopener\">nt<\/a> from the bourse. The total offering could see the bank raise up to EGP 5.1 bn by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d79ff05-21fa-44eb-9911-9f2eeb114ae7\/\" style=\"\" rel=\"noopener\">floating 330 mn of its shares<\/a> \u2014 equivalent to a 30% stake.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The bank had set an indicative price range of EGP 12.70-15.60 per share, while the independent financial advisor put the share\u2019s fair value at EGP 15.73.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown: <\/strong>Starting today, institutional investors will be able to buy 313.5 mn shares \u2014 95% of those on offer \u2014 until 25 November. The remaining 16.5 mn share trance for retail investors will be up for grabs between 27 November and 3 December.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank has been in the government\u2019s privatization crosshairs since at least 2017:<\/strong> The CBE \u2014 which owns 99.9% of the bank \u2014 first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked for privatization in the rebooted privatization program unveiled in February 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This will mark the second IPO of the year<\/strong>, after Act Financial <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d5c99b6-2d0a-4923-9bbc-6dc4ef74f1cc\/the-retail-tranche-of-act-financial%25e2%2580%2599s-ipo-was-54.8x-oversubscribed\" style=\"\" rel=\"noopener\">offered a 32% stake on EGX<\/a> in July and became the first company to conduct a full IPO in the Egyptian bourse since 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> CI Capital will act as sole global coordinator and bookrunner for the offering, while Helmy, Hamza &amp; Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 has been appointed as counsel. Baker Tilly is independent financial advisor and Ernst &amp; Young (EY) is auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total offering could see the bank raise up to EGP 5.1 bn<\/p>\n","protected":false},"author":1,"featured_media":655547,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[72,78,81,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam","tag-ipo-watch","tag-privatization-watch","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"00c11936-83ec-4e17-baf2-f2952186124d","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2499.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s United Bank sets IPO plans in motion with private placement starting today","related_issue":[655541],"teaser":"The total offering could see the bank raise up to EGP 5.1 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.b7e6b3c5-f3d4-4a7e-bc41-55db721b3c36.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The offering comes as the Madbouly government \u201cpresses ahead with a privatization program being encouraged by the International Monetary Fund,\u201d Bloomberg wrote.Remember: The Central Bank of Egypt-owned lender kicked\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656068,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/28\/united-bank-to-raise-egp-4-6-bn-from-ipo-under-final-share-price\/","url_meta":{"origin":655546,"position":1},"title":"United Bank to raise EGP 4.6 bn from IPO under final share price","author":"enterpriseam admin","date":"28 November 2024","format":false,"excerpt":"The private placement was 6x oversubscribed","rel":"","context":"In 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&quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/12.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656420,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/united-banks-retail-tranche-59x-oversubscribed-as-subscription-period-closes\/","url_meta":{"origin":655546,"position":3},"title":"United Bank\u2019s retail tranche 59x oversubscribed as subscription period closes","author":"enterpriseam admin","date":"4 December 2024","format":false,"excerpt":"The offering\u2019s private placement also finished oversubscribed, with the subscription covered 6x","rel":"","context":"In 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