Egypt’s IPO Pipeline Grows as Cairo Courts Private Capital

Egypt plans to list up to four state-owned companies on the Egyptian Exchange (EGX) within the next 12 months as part of a broader privatization push tied to an $8 billion International Monetary Fund reform program and the government's State Ownership Policy (SOP). The June 5 announcement identified a planned sale of a 20% stake in Misr Life Insurance that could raise about 14 billion Egyptian pounds (roughly $277 million), while officials say more than seven public offerings — including private-sector companies — are expected to reach the market over the next year.

“Over the next 12 months, the priority will be to make it easier for businesses to operate, raise capital, and complete mergers and acquisitions,” Investment and Foreign Trade Minister Hassan El Khatib said during a London visit.

Context and deal details

The privatization push follows a series of major economic reforms introduced since March 2024, when Egypt moved to a flexible exchange-rate regime and allowed the Egyptian pound to float, ending parallel foreign-exchange trading. The economic program has been accompanied by measures to ready state assets for market entry: in October 2024 the government floated shares in United Bank, marking the first listing of a state-owned bank in years, and the EGX has approved the temporary listing of six additional state-owned enterprises, among them Sinai Manganese Company and El Nasr Housing and Development.

Officials are preparing roughly 10 state-owned petroleum companies, alongside firms in other strategic sectors, for future listings. The SOP, first introduced in 2023 and reinforced by Law No. 170 of 2025, established a central framework for divesting state assets and has driven legislative and administrative steps to streamline disposals and public offerings.

• Planned Misr Life Insurance offering: 20% stake, ~14 billion EGP (~$277 million)
• Broader program link: $8 billion IMF reform package
• Recent milestones: United Bank share float (Oct 2024); temporary EGX listings for Sinai Manganese Company and El Nasr Housing and Development
• Pipeline: up to four major EGX listings targeted within 12 months; roughly 10 petroleum companies being prepped

Macroeconomic backdrop

The IMF's February review highlighted early successes tied to the reform program: inflation fell from a peak of 38% in September 2023 to the low double digits, and net international reserves rose to about $53 billion, strengthening external buffers. The divestment drive targets one of the region's most state-dominated economies: the IMF estimates state-owned enterprises hold assets equivalent to roughly half of Egypt's GDP, with more than 300 commercial enterprises under direct state ownership or control across banking, energy, manufacturing, transport and telecommunications.

Outlook

If successful, the sales could deepen Egypt's domestic capital markets by increasing the volume and diversity of listings on the EGX, while providing a measured fiscal and regulatory test of the SOP and Law No. 170 of 2025. Market participants will watch execution risks — valuation, timing and investor appetite — as the government seeks to convert large state assets into tradable securities. Officials’ public timeline targets multiple listings by summer 2027, with immediate emphasis on easing business operations, enabling capital raising and facilitating mergers and acquisitions to support the transition to greater private-sector participation.