Egypt raises $658M in major state bank IPO, advancing IMF privatization drive

Egypt sold 45% of state-owned Banque du Caire for $658M (36.37B Egyptian pounds) at 5.30 pounds per share, valuing the bank at $1.46B. The IPO, managed by majority owner Banque Misr, attracted major international investors including the European Bank for Reconstruction and Development ($100M for 6.9%) and the International Finance Corporation. Prime Minister Mostafa Madbouly called Monday's listing proof of commitment to asset sales despite regional tensions. This is the first of 30+ planned state company listings under Egypt's IMF program, with four more granted preliminary listings in June targeting May 2027 offerings. CEO Hussein Abaza noted the 20-year journey to this IPO, citing pandemic and wars as delays.

For Nigerian readers, this demonstrates the IMF privatization pathway playing out in Africa's largest Arab economy—with the same development finance institutions (EBRD, IFC) active in both markets. Nigeria's own stalled privatization agenda and Dangote Refinery's recent share offering follow similar reform logic.

Will Egypt's successful $658M bank sale accelerate pressure on Nigeria to deliver on its own long-promised state asset sales, or does each country's political economy demand a different timeline?

SOURCE: https://www.channelstv.com/2026/11/02/egypt-raises-over-650m-in-ipo-of-state-owned-bank/