Egypt: United Bank’s private offering on EGX 3x oversubscribed

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Egypt - Subscription to the United Bank’s private offering on the Egyptian Exchange (EGX) has been oversubscribed by three times its allocated shares, unnamed sources told Al Mal News.

The offering, set to close on Monday, November 25th, has seen robust demand from investors.

By the close of Sunday’s trading session, buy orders reached 938 million shares, significantly exceeding the 313.5 million shares allocated to the private offering tranche.

This tranche is designated for institutions and financially solvent individuals, accounting for 95% of the total offering.

The United Bank’s offering is divided into two tranches: the private offering encompasses 313.5 million shares, while the remaining 16.5 million shares are allocated to the public offering, which is open to retail investors.

Subscriptions to the public offering will run from November 27th to December 3rd.

The bank's authorized capital stands at EGP 7.5 billion, with the issued and paid-up capital at EGP 5.5 billion.