Egypt's United Bank commences trading on EGX

The opening share price was EGP 13.85, and the bank's market capitalization at the opening bell was EGP 15,235 million.

Trading commenced following a book-building process in which the Central Bank of Egypt (CBE), the selling shareholder, offered 313,5 million shares to select institutional investors in Egypt and abroad (the institutional offering).

An additional 16,5 million shares were made available to retail investors in Egypt (the retail offering).

Institutional offerings typically target large investors, such as banks and funds. They involve more significant transactions with fewer regulatory constraints and the potential for negotiated pricing.

In contrast, retail offerings focus on individual investors with smaller investments, stricter regulations, and a fixed or publicly determined offering price.

The institutional offering, which ran from 20 to 25 November, was oversubscribed by approximately 6.0 times, while the retail offering, which ran from 27 November to 3 December, was oversubscribed by about 59.0 times.

UB earned EGP 4.6 billion ($92.14 million) from offering 30 percent of its shares (institutional offering).

In November, UB confirmed that the Financial Regulatory Authority (FRA) had approved its shares for listing on the EGX.

This move follows UB's announcement in November, where the bank aimed to gain between EGP 4.16 billion and EGP 5.14 billion through its initial public offering (IPO) on the EGX.