{"id":656068,"date":"2024-11-28T00:00:00","date_gmt":"2024-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/28\/united-bank-to-raise-egp-4-6-bn-from-ipo-under-final-share-price\/"},"modified":"2024-11-28T00:00:00","modified_gmt":"2024-11-28T00:00:00","slug":"united-bank-to-raise-egp-4-6-bn-from-ipo-under-final-share-price","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/28\/united-bank-to-raise-egp-4-6-bn-from-ipo-under-final-share-price\/","title":{"rendered":"United Bank to raise EGP 4.6 bn from IPO under final share price"},"content":{"rendered":"

United Bank set to raise EGP 4.6 bn in EGX share offering: <\/strong>United Bank is set to raise some EGP 4.6 bn from its 30% stake sale on the EGX after the private placement saw the bank\u2019s final share price<\/a> set at EGP 13.85, according to an EGX bulletin (pdf)<\/a>. The final share price is in the mid-range of the EGP 12.70-15.60 range set by the lender and values the bank at EGP 15.2 bn by our math. <\/p>\n

High demand: <\/strong>The bank\u2019s private placement \u2014 which included 313.5 mn of the 330 mn shares on offer \u2014 concluded on Monday, with the offering 6x oversubscribed. <\/p>\n

Retail investors still have the chance to get a piece of the lender <\/strong>in the offering\u2019s retail placement which kicked off yesterday and will run until 3 December. Retail investors will be able to pick up 5% of the offered up shares \u2014 totalling 16.5 mn shares \u2014 in the bank.<\/p>\n

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

This is the second IPO of the year<\/strong>, after Act Financial 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

Advisors:<\/strong> CI Capital is the sole global coordinator and bookrunner for the offering, while Helmy, Hamza & Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 has been appointed as counsel. Baker Tilly is independent financial advisor and Ernst & Young (EY) is auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The private placement was 6x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":656069,"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":[68,72,78,1260,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-mena-ipos","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"38db17b7-af7c-4d40-8611-84b647bdd0bb","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/953.jpg","photo_position":"above","homepage_title":"","full_issue_title":"United Bank to raise EGP 4.6 bn from IPO under final share price","related_issue":[656060],"teaser":"The private placement was 6x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.cff92fa9-e637-408c-858e-af796a46d53d.mp3"},"yoast_head":"\nUnited Bank to raise EGP 4.6 bn from IPO under final share price - 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The new cycle has finally revved up for the week \u2014 and we\u2019ve got all you need to know below.THE BIG STORY TODAY- United Bank set to raise EGP 4.6 bn in EGX share offering: United Bank is set to raise\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2499.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656941,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/12\/korra-energi-temporarily-to-list-shares-on-the-egx-today-ahead-of-upcoming-ipo\/","url_meta":{"origin":656068,"position":2},"title":"Korra Energi temporarily to list shares on the EGX today ahead of upcoming IPO","author":"enterpriseam admin","date":"12 December 2024","format":false,"excerpt":"Korra will list EGP 450 mn worth of shares on the EGX","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656863,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/united-banks-shares-rise-3-2-in-egx-debut\/","url_meta":{"origin":656068,"position":3},"title":"United Bank\u2019s shares rise 3.2% in EGX debut","author":"enterpriseam admin","date":"11 December 2024","format":false,"excerpt":"This marks only the second post-IPO EGX debut this year","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1021.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655022,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/united-bank-eyes-raising-up-to-egp-5-1-bn-in-upcoming-ipo\/","url_meta":{"origin":656068,"position":4},"title":"United Bank eyes raising up to EGP 5.1 bn in upcoming IPO","author":"enterpriseam admin","date":"12 November 2024","format":false,"excerpt":"The upper limit of the indicative price range gives the bank a market cap of up to EGP 17.2 bn","rel":"","context":"In "Privatization"","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":655546,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/united-bank-sets-ipo-plans-in-motion-with-private-placement-starting-today\/","url_meta":{"origin":656068,"position":5},"title":"United Bank sets IPO plans in motion with private placement starting today","author":"enterpriseam admin","date":"20 November 2024","format":false,"excerpt":"The total offering could see the bank raise up to EGP 5.1 bn","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2499.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656068","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=656068"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656068\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/656060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/656069"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=656068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=656068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=656068"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=656068"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=656068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}