Banque du Caire has increased the proportion of shares it plans to offer in its initial public offering (IPO) to 45 percent, potentially marking Egypt’s largest IPO in over a decade. The state-owned bank originally intended to sell a 30 percent stake held by Banque Misr through a secondary offering valued at approximately $454 million, but has now expanded the offering size subject to investor demand during the subscription period.

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have each agreed to acquire up to 15.74 percent of the initial tranche in the private placement, according to a statement by the Egyptian market regulator. The regulator also confirmed it had no objections to the bank’s request to raise the offering size.

The move follows the recent successful debut of fintech company MNT-Halan on the Egyptian stock exchange, which raised roughly $150 million by selling a 20 percent stake in its local unit earlier this week. This transaction highlights the robustness of the Egyptian stock market, which has recorded a 22 percent gain year-to-date.

Banque du Caire set the IPO price range between 4.82 and 5.30 Egyptian pounds per share (approximately $0.09), offering a total of 4.575 billion shares, with 95 percent allocated through private placement. The state-owned lender estimates its market capitalization will fall between 73.51 billion and 80.83 billion Egyptian pounds.

The increase in the IPO stake and the involvement of prominent international investors signals growing confidence in Egypt’s financial sector amid broader market optimism. The offering’s scale and timing suggest the state is continuing efforts to bolster market liquidity and attract foreign investment.