Banque du Caire ups its IPO as EBRD, IFC join as cornerstone investors

Banque du Caire has upsized its IPO to 45% and signed the EBRD and the IFC into the private placement, the Egyptian state-owned bank said yesterday (pdf). Across the EGP 4.82-5.30 range that takes the sale to roughly EGP 36.4 bn (c. USD 680 mn) against EGP 22.1-24.25 bn at 30%, which would make it the largest Egyptian IPO in more than a decade. The European Bank for Reconstruction and Development and the International Finance Corporation are each signing up for up to 15.74% of the private placement, with final allocations set once that tranche is priced. At the top of the indicative pricing range, that’s about 1.04 bn shares each, or EGP 11.07 bn between them, by our math.

The retail tranche was 1.98x covered as of Thursday’s close, with buy orders totaling 454 mn shares, a senior government official tells our Egypt desk.

Some would-be investors in DIP Holding’s DFM listing want Dubai Investments to cut its valuation expectations and sweeten the terms further, even after it committed to some AED 2.2 bn of dividends over three years, Bloomberg reports, citing people familiar with the matter. Banks are pitching AED 11-14 bn, which at the top end and DIP’s AED 700 mn 2026 payout gives a 5% dividend yield, in line with Salik and Parkin. The bottom end puts it nearer Dubai Residential REIT. Some investors want something closer to Emaar’s 9%, while others argue the long-term leases and steady rent justify a lower yield. No valuation decision has been made.

Dubai Investments CEO Khalid bin Kalban told Bloomberg the company would “definitely be looking” at pricing below the banks’ fair value estimates to lift the yield. He rejected the Emaar comparison, saying developers are exposed to market demand and cyclicality while DIP carries no capex and covers maintenance through tenant service charges, which puts it closer to an infrastructure play.

A Moroccan solar builder is raising up to MAD 375.4 mn on Casablanca to fund an expansion into West Africa. Jet Energy is going public on the Casablanca Stock Exchange with a 20% stake in the company, it said in its prospectus (pdf), which the country’s capital markets regulator, AMMC, cleared on Wednesday, the exchange said yesterday (pdf). The company is looking to raise as much as MAD 375.4 mn (USD 38.3 mn) with an indicative price range of MAD 125-143 (USD 12.75-14.59) per share. The subscription period runs from 2-5 November.

Where the money goes: About MAD 175 mn of the expected proceeds are earmarked for EPC logistics, equipment, and construction pre-financing, including possible minority stakes in IPP or hybrid projects. Around MAD 130 mn goes to industrial integration — metal structures, solar trackers, and civil and electrical engineering equipment — and about MAD 70 mn to Senegal, Côte d’Ivoire, and Benin.

Adia took 10.73% of the anchor book in an Indian hospital operator’s IPO, a bigger slice than any single domestic mutual fund scheme. Its Stable unit was allocated 1.01 mn shares at INR 693 apiece, worth nearly INR 700 mn (c. USD 7.4 mn), in Paras Healthcare’s INR 14.5 bn (c. USD 153.4 mn) listing, per a stock exchange disclosure (pdf). The anchor book came to about INR 6.5 bn (USD 68 mn).

It is the fourth Indian offering in a fortnight with Gulf money in the anchor book, after Zetwerk, Bonfiglioli Transmissions, and Jio Platforms. Adia has been in three of them.

QNB has raised QAR 750 mn (USD 206 mn) from Japanese investors in its second QAR-denominated Shogun bond. The bank says the three-year paper is the largest QAR-denominated Shogun issue to date, up from the QAR 500 mn it raised in its February 2025 debut, AGBI reports. Sumitomo Mitsui Banking Corporation arranged the issue, which QNB frames as part of a push to diversify its funding sources.

SOUND SMART- A Shogun bond is issued in Japan by a foreign borrower and denominated in a currency other than the JPY.

Istanbul prosecutors have ordered the detention of 31 suspects over trading in four listed companies, with 26 now in custody. The warrants follow complaints from the Capital Markets Board and cover Isiklar Enerji ve Yapi Holding, Visne Madencilik, Odine Solutions, and Tera Finansal Yatirimlar Holding, Reuters reports. Those detained include 16 executives and staff of portfolio managers already named in the case, and Altınbaş Holding owner Nusret Altınbaş remains at large.

It is the latest turn in the scandal that broke last month, when regulators put 131 funds with 455.8k investors and some USD 18 bn of assets into liquidation.

ALSO WORTH KNOWING

UAE healthtech startup Vitalls has a USD 1.5 mn seed pledge from Singapore’s EST Growmore, the investment arm of EST Group, as anchor investor, with an option for a further USD 1 mn, according to a press release. The pitch is distribution: EST Group brings telecom and healthcare networks that would open new markets and customers to the startup.

Kuwaiti consumer research platform theQA has raised more than USD 550k in a pre-seed round from an unnamed Kuwaiti family office and strategic angels, Wamda reports. It uses AI to build surveys and reach targeted audiences in Kuwait.

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