BdC’s updated valuation study has been approved by a cabinet committee, marking a step closer to IPO

Banque du Caire (BdC) has taken a key step toward an initial public offering after a cabinet committee charged under the 2025 state-ownership law unanimously approved the methodology behind the bank’s updated fair-value study. The refreshed valuation uses BdC’s 30 June 2026 financials — which showed consolidated net income up roughly 22% year‑on‑year to EGP 8.94 billion and deposits above EGP 443 billion — and sets a reported valuation of EGP 80–80.5 billion, up from about EGP 78 billion based on 2025 numbers. The approval clears the way for roadshow rounds once a private placement among investors, banks and international institutions is secured, with the state eyeing a sale of around 40% and a potential offer window in November–December.

“There is no set total figure for the volume of future investments, because the scale of the expansion will depend on how large the area grows and how much power it needs going forward,” Karm Holding CEO Ahmed Zahran told reporters, underscoring parallel private-sector activity that is proceeding alongside the bank’s privatization push.

The cabinet committee reviewed BdC’s updated evaluation methodologies, financial assumptions, growth projections and discount rates. The Financial Regulatory Authority signed off on the study and independent advisor Baker Tilly presented the work. A government official said the valuation’s adoption would allow the bank to move into roadshow rounds after completing a private placement of shares to investors, banks and international institutions. Banque Misr, which is coordinating the sale, will set the final size of the offer once roadshow feedback is in.

International development financiers are circling the float. The European Bank for Reconstruction and Development and the International Finance Corporation are reportedly considering a combined 10% stake in the state-owned lender’s upcoming offering. Market participants have tracked BdC’s repeated attempts to list: the bank first appeared on the auction block in 2007 and has gone through multiple attempted IPOs since 2019, with the state signalling a year-end offering for months.

Details and background

• Valuation basis: BdC’s 30 June 2026 financials.
• Key metrics: consolidated net income EGP 8.94 bn (up ~22% y‑o‑y); deposits above EGP 443 bn.
• Reported fresh valuation: EGP 80–80.5 bn (vs ~EGP 78 bn in 2025 numbers).
• Stake on the block: state eyeing roughly 40%; Banque Misr to set final offer size after roadshow.
• External parties: Financial Regulatory Authority sign-off; Baker Tilly as independent advisor; EBRD and IFC circling ~10% combined.

The updated study replaces an earlier valuation based on end‑2025 numbers that the committee reviewed in March. With the methodology now approved, bankers and potential investors can expect the process to pivot toward marketing the deal and locking in cornerstone commitments through a private placement ahead of any public offering. The private-placement phase is expected to precede roadshow rounds that will inform final pricing and the ultimate size of the sale.

Outlook

Officials continue to discuss timing, with a possible offer date clustered in a November–December window. If roadshows secure the targeted private-placement support and anchor investors such as the EBRD and IFC take the positions being discussed, BdC could reach a liquidity and ownership shift that has eluded previous attempts since 2007. The approval should accelerate preparatory work across banks, advisers and regulators as the state moves closer to executing what would be one of the year’s higher-profile Egyptian listings.