{"id":656420,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/united-banks-retail-tranche-59x-oversubscribed-as-subscription-period-closes\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"united-banks-retail-tranche-59x-oversubscribed-as-subscription-period-closes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/united-banks-retail-tranche-59x-oversubscribed-as-subscription-period-closes\/","title":{"rendered":"United Bank\u2019s retail tranche 59x oversubscribed as subscription period closes"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>United Bank has concluded its retail and private offerings ahead of the <\/strong><strong>company being traded on the EGX<\/strong>, with its retail offering that closed yesterday being oversubscribed 59x, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/304.png\" style=\"\" rel=\"noopener\">data (pdf)<\/a> from the EGX. The tranche offered up 16.5 mn shares \u2014 equivalent to 5% of the total offering \u2014 at<font face=\"Arial\">&nbsp;EGP<\/font> 13.85 a pop.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank\u2019s private placement was also a hit with institutional investors<\/strong>, with the offering of 313.5 mn shares \u2014 equivalent to 95% of the total offering \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e635dfd-841a-4ae9-be4b-265d0d40de4a\/it%25e2%2580%2599s-day-one-of-egypt-energy\" style=\"\" rel=\"noopener\">being 6x oversubscribed<\/a> by the time the offering came to a close last week<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The much-anticipated IPO saw the CBE-owned United Bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d79ff05-21fa-44eb-9911-9f2eeb114ae7\/egypt%e2%80%99s-united-bank-announces-intention-to-float\" style=\"\" rel=\"noopener\">offer a 30% stake<\/a> \u2014 equivalent to 330 mn shares \u2014 at a share price of EGP 13.85 each, with the offering <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38db17b7-af7c-4d40-8611-84b647bdd0bb\/united-bank-to-raise-egp-4.6-bn-from-ipo-under-final-share-price\" style=\"\" rel=\"noopener\">expected to raise<\/a> some EGP 4.6 bn. This is the second IPO to hit the EGX this year, following Act Financial\u2019s debut in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d5c99b6-2d0a-4923-9bbc-6dc4ef74f1cc\/the-retail-tranche-of-act-financial%e2%80%99s-ipo-was-54.8x-oversubscribed\" style=\"\" rel=\"noopener\">July<\/a>, and marks another feather in the government\u2019s privatization program cap.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>CI Capital was the sole global coordinator and bookrunner for the offering, while Helmy, Hamza &amp; Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 acted as counsel. Baker Tilly was the offering\u2019s independent financial advisor and Ernst &amp; Young (EY) the auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The offering\u2019s private placement also finished oversubscribed, with the subscription covered 6x<\/p>\n","protected":false},"author":1,"featured_media":656421,"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":[68,72,78,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"c086b524-6ef6-49ed-bfb6-8a538ad83b83","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/535.jpg","photo_position":"above","homepage_title":"","full_issue_title":"United Bank\u2019s retail tranche 59x oversubscribed as subscription period closes","related_issue":[656415],"teaser":"The offering\u2019s private placement also finished oversubscribed, with the subscription covered 6x","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.89b6fd0b-41f4-4fc3-ac6d-0ca1046889be.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>United Bank\u2019s retail tranche 59x oversubscribed as subscription period closes - 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\/2024\/12\/04\/united-banks-retail-tranche-59x-oversubscribed-as-subscription-period-closes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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