The United Bank has successfully executed the public and private offering of 330 million shares, representing 30 percent of its issued capital.
The share price was set at EGP 13.85 per share, raising a total of EGP 4.57 billion across two tranches.
The first tranche, the private offering, included 313.5 million shares, accounting for 95 percent of the total shares offered and 28.5 percent of the bank's issued capital. This tranche generated EGP 4.341 billion. It was oversubscribed six times, targeting institutional investors, financial entities, and experienced individual investors in the securities market.
The second tranche, the public offering, comprised 16.5 million shares, representing 5 percent of the total shares offered and 1.5 percent of the bank's issued capital. This tranche raised EGP 228.525 million and was significantly oversubscribed, with initial purchase orders amounting to approximately 974.292 million shares, covering the offering about 59 times.
The offering marks a significant milestone for The United Bank, enhancing its market presence and aligning with its strategic growth objectives.
On Tuesday, the United Bank announced that the total initial purchase orders registered for its public offering of shares on the Egyptian Exchange (EGX) reached approximately 974.292 million shares, resulting in an oversubscription of nearly 59 times.
According to a previous statement by the bank, the public offering included 16.5 million shares priced at EGP 13.85 per share.
Additionally, the private offering, comprising 313.5 million shares, was oversubscribed six times. This tranche targeted financial institutions, entities, and experienced individual investors in the securities market, also priced at EGP 13.85 per share.
The successful subscription underscores strong investor confidence and marks a significant achievement for the bank as it continues to expand its market reach.
