Overview of IPOs in Egypt in 2025
In 2025, Egypt's IPO market on the Egyptian Exchange (EGX) has been characterized by planning and preparation rather than executions, with no major traditional IPOs completed year-to-date through October 20, 2025. This follows the completion of the United Bank IPO in late 2024, which raised approximately EGP 4.57 billion (US$91.9 million) and was part of the government's asset sale program. The focus in 2025 has been on accelerating the stalled state IPO program, aligned with IMF commitments, aiming for 10 offerings by year-end in sectors like pharmaceuticals, plastics, energy (renewables), food industries, and military-affiliated companies. Total projected proceeds could exceed EGP 50 billion (US$1 billion), driven by policy reforms to attract foreign investment and deepen capital markets. However, challenges such as market volatility, regulatory hurdles, and geopolitical factors have delayed listings. The EGX has seen strong secondary market activity, with the EGX30 index showing resilience, but startup funding rounds (e.g., $396 million in 31 equity deals YTD) dominate new capital raises. Q4 outlook is optimistic, with 3-4 major offerings in financials, insurance, airports, and renewables, potentially boosting market capitalization amid privatization efforts.
Recent IPOs in Egypt
No traditional IPOs have been completed in 2025 on the EGX. Activity has been limited to planning, with the most recent major IPO being United Bank in December 2024 (detailed for context as it influences 2025 momentum). Below is a table summarizing this and noting the absence in 2025.
| IPO Date | Company Name | Ticker | Offer Price (EGP) | Proceeds (EGP Bn) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| Dec 2024 | United Bank | UBNK | 13.85 | 4.57 | N/A (Post-2024) | Banking; 30% stake sold (330M shares); Part of state privatization; Valued bank at EGP 15.24Bn; Private placement led. |
- Notes: 2025 has seen no completions, with focus shifting to upcoming state offerings. Startup equity rounds raised $396M in 31 deals YTD, but these are not IPOs.
Upcoming IPOs in Egypt
Egypt's 2025 pipeline is robust under the state IPO program, with 10 planned offerings announced in December 2024, including military-affiliated firms. Below is a table of key upcoming IPOs for late 2025 and beyond, based on government plans. Includes expected timing, company name, ticker (if known), underwriters (TBD for most), shares (est.), price range (TBD), offering size (EGP Bn est.), and sector/notes. Dates are tentative and subject to EGX/ECMA approvals.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (EGP) | Offering Size (EGP Bn est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | Gabal El Zeit Wind Power Plant | N/A | TBD | TBD | TBD | 5-10 | Renewables/Energy; 40% stake; Part of expanded program; Attract new capital to EGX. |
| Q4 2025 | CID Pharma | N/A | TBD | TBD | TBD | 2-5 | Pharmaceuticals; State-owned; Part of 10-offering plan. |
| Q4 2025 | Misr Pharma | N/A | TBD | TBD | TBD | 2-5 | Pharmaceuticals; State-owned; Included in 2025 program. |
| Q4 2025 | Alamal Alsharif Plastics | N/A | TBD | TBD | TBD | 1-3 | Plastics/Industrials; State-owned; Part of privatization. |
| Q4 2025/2026 | Safi (National Company for Producing and Bottling Water) | N/A | TBD | TBD | TBD | 2-4 | Food Industries; Military-affiliated; Privatization target. |
| Q4 2025/2026 | Wataniya Petroleum | N/A | TBD | TBD | TBD | 3-5 | Petroleum/Energy; Military-affiliated; Fuel distribution. |
| Q4 2025/2026 | Chillout (fuel stations) | N/A | TBD | TBD | TBD | 1-3 | Energy/Retail; Military-affiliated; Stations operator. |
| Q4 2025/2026 | Silo Foods | N/A | TBD | TBD | TBD | 2-4 | Food Industries; Military-affiliated; Processing. |
| Q4 2025/2026 | El-Nasr Housing & Development | N/A | TBD | TBD | TBD | 1-3 | Real Estate; Military-affiliated; Housing projects. |
| Q4 2025/2026 | Unnamed Airports/Financials | N/A | TBD | TBD | TBD | 5-10 | Infrastructure/Financials; Major offerings in program. |
- Notes: Pipeline focuses on state assets; Acceleration ordered Oct 2, 2025; Incentives for large IPOs considered.
Notable New and Upcoming IPOs in 2025
Here are highlights of planned high-profile IPOs, with backgrounds and estimated details:
- Gabal El Zeit Wind Power Plant
- Expected Raise: EGP 5-10 billion (US$100-200M est.).
- Description: Renewable energy asset; 40% stake offering. Part of expanded program; Attracts green investors. Valuation TBD; Recent announcement signals Q4 push.
- CID Pharma
- Expected Raise: EGP 2-5 billion (US$40-100M est.).
- Description: Pharmaceutical firm; State-owned. Included in 10-offering plan; Focus on health sector. Valuation TBD; Acceleration underway.
- Misr Pharma
- Expected Raise: EGP 2-5 billion (US$40-100M est.).
- Description: Another state pharma; Export-oriented. Part of privatization; IMF-backed. Valuation TBD.
- Alamal Alsharif Plastics
- Expected Raise: EGP 1-3 billion (US$20-60M est.).
- Description: Plastics manufacturer; Industrial focus. In 2025 program; Boosts manufacturing. Valuation TBD.
- Safi (National Company for Producing and Bottling Water)
- Expected Raise: EGP 2-4 billion (US$40-80M est.).
- Description: Military-affiliated; Water bottling. Privatization target; Food security tie-in. Valuation TBD.
This covers available details on Egypt's 2025 IPO activity. For real-time updates, check EGX (egx.com.eg) or ECMA.