Egypt wealth fund names banker for Misr Life IPO

The Sovereign Fund of Egypt (TSFE) has appointed EFG Hermes, a local investment bank, to manage the listing of state-owned Misr Life Insurance on the Egyptian Stock Exchange.

The sovereign wealth fund is planning to offer up to 20 percent of Misr Life in an initial public offering (IPO), slated before the end of the second half of 2026, the Egyptian cabinet said in a statement.

TSFE received six bids from local and international investment banks after seeking technical and financial proposals for the planned IPO in March.

Misr Life Insurance is owned by the Misr Insurance Holding Company, a subsidiary of TSFE. 

Established in 1900, Misr Life holds an estimated 22 percent market share of life insurance premiums in Egypt.  

The insurance company’s IPO aligns with the government’s plan to increase private sector participation in the economy and expand the ownership base of public companies through listings on the EGX. 

Further reading:

• IPOs planned for five Egyptian companies owned by military
• Egypt plans 20 listings of state entities on local bourse
• Egypt to float 40% of Gabal El Zeit wind power company

In March Hashem El-Sayed, assistant to the prime minister and CEO of the State-Owned Enterprises Unit, said the government wants to transfer up to 40 state-owned companies listed on the EGX to the Sovereign Fund of Egypt’s portfolio before the end of April. 

Last month a local media report said that the government was selecting 10 petroleum companies for listing on the stock exchange in the third quarter.

Finance minister Ahmed Kouchouk told US investors in October that Egypt intends to use proceeds from the sale of public enterprises to reduce the ratio of national debt to GDP to 75 percent over the next three years.