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The public and private offering for the shares of The United Bank (UBEE.CA) was executed during today’s trading session, Wednesday, December 4th, 2024, with a total of 330 million shares, representing 30% of the bank's issued capital, at a price of EGP 13.85 per share, across two tranches (public and private), with a total value of EGP 4,570,500,000, as follows:
- First tranche (Private Offering): 313.5 million shares, representing 95% of the total shares offered for sale and 28.50% of the total issued capital, with a value of EGP 4,341,975,000.
- Second tranche (Public Offering): 16.5 million shares, representing 5% of the total shares offered for sale and 1.50% of the total issued share capital, with a value of EGP 228,525,000.
The process of listing and offering The United Bank’s shares on The Egyptian Exchange (EGX) was highly professional, in complete coordination between EGX, Financial Regulatory Authority (FRA), Central Bank of Egypt (CBE), Misr for Clearing, Settlement, and Central Depository (MCDR), the offering manager and all the participated brokerage firms.
The bank submitted its listing request on October 16th, 2024, and the listing committee approved the listing on October 23rd, 2024. The subscription period for the first tranche (private offering) was open from November 20th, 2024 till November 25th, 2024, while the subscription for the second tranche (public offering) was open from November 27th, 2024, to December 3rd, 2024. The entire offering was executed at the beginning of today’s trading session on December 4th, 2024, and surplus funds were refunded to the subscription clients' accounts on the same day.
The private offering was oversubscribed 6 times, while the public offering was oversubscribed approximately 59 times, with a 1.7% allocation ratio.
