Helmy, Hamza & Partners, Baker McKenzie Advised United Bank On Landmark IPO

Helmy, Hamza & Partners, Baker McKenzie Advised United Bank On Landmark IPO

Helmy, Hamza & Partners, Baker McKenzie Cairo, acted as transaction counsel in the Initial Public Offering (IPO) of the United Bank, which is primarily owned by the Central Bank of Egypt, on the Egyptian Exchange (EGX). This IPO marked a significant milestone as it became Egypt's largest IPO since 2021, with a remarkable oversubscription rate—6x for the private placement and 59x for the public tranche—demonstrating strong investor confidence and demand.

With an IPO offer price of EGP 13.85 per share, the United Bank achieved an implied market capitalization of EGP 15.235 billion (approximately USD 299 million). The overwhelming investor interest highlights the renewed optimism in the Egyptian market and the demand for high-quality investments.

Commenting on the transaction, Hani Nassef, M&A Partner at Helmy, Hamza & Partners, Baker McKenzie Cairo, stated: “We are very proud to have supported the Central bank of Egypt on the largest Egyptian IPO to date since 2021. This landmark transaction underscores the trust that major institutions place in our firm's expertise and the exceptional capabilities of our lawyers. It also reflects the renewed confidence in the Egyptian market and the robust demand for quality investments.

Additionally, Mohamed Ghannam, the Managing Partner at Helmy, Hamza & Partners, Baker McKenzie Cairo, commented: “This IPO highlights the robust strength and immense potential Egypt's financial sector. It stands as a testament to our team's unwavering dedication and strategic leadership, which were pivotal in bringing this long-awaited transaction to fruition. We are looking forward to continue empowering our clients in realizing their growth ambitions and driving further success.”

The Baker McKenzie team was led by Hani Nassef with support from Counsel Mohamed Abdelhalim and Senior Associate Omar Zaki. Managing Partner Mohamed Ghannam has provided strategic advice and guidance, while Partner Megan Schellinger provided US law advice.

Transaction support was provided by of Counsel Hesham Ragab, Counsels Mohamed Hafez, Zeinab Shohdy and Ghada El Gharib, Associates Milad Fayez, Ahmed Shehata, Peryhane Gawish, Hayna Abdelrahim, Chirouette Elmasry, Noor El Gohary, Hania Meshref, Noureldin Elhayatmy, Hala Mohamed and Omnia Osman, as well as Hanna Ahmed and Omar Mahmoud.