This offering, which ran from 20 to 25 November, earned the UB around EGP 4.3 billion. 

The retail offering of 16.5 million shares opened on Wednesday and will continue until 3 December.

The price per share for the retail offering is also set at EGP 13.85.

Institutional offerings target large investors such as banks and funds. They involve larger transactions with fewer regulatory constraints and the potential for negotiated pricing.

Conversely, retail offerings target individual investors with smaller investments, stricter regulations, and a fixed or publicly determined offering price.  

Last week, UB confirmed that the Financial Regulatory Authority (FRA) had approved listing its shares in the Egyptian Exchange (EGX). Trading began on 20 November.

The move follows UB's disclosure earlier in November that it aims to gain between EGP 4.16 billion and EGP 5.14 billion through its initial public offering (IPO) in the EGX. 

The bank had previously set a suggested price range for the offering, with shares costing between EGP 12.70 and EGP 15.60.

In October, the UB revealed plans to list 30 percent of its capital, equating to 330 million shares held by the Central Bank of Egypt (CBE), on the EGX.

This followed the CBE's announcement in September that it would sell part of its stake in UB via the EGX.

The United Bank has appointed CI Capital Investment Banking SAE as the sole global coordinator and book-runner for the offering.

Helmy, Hamza & Partners, the Cairo office of Baker McKenzie, has also been selected as the offering's legal counsel.

The United Bank is one of 32 state-owned companies selected for privatization under the government’s IPO programme.

This offering aligns with the government's broader strategy to boost the private sector’s role in the economy, particularly in the context of its $8 billion loan agreement with the International Monetary Fund (IMF), which aims to stimulate growth through increased private-sector investment.

In November, the government said it would sell stakes in five sectors, namely banking, airports, pharmaceuticals, plastics, glass, and petrochemicals, by the end of June 2025.