Banque du Caire boosted the stake it’s offering in a long-delayed IPO to 45%, in what would be Egypt’s largest initial public offering in more than a decade.

The state-run bank had initially planned to sell a 30% stake held by Banque Misr, valued at $454 million, through a secondary offering. It said the size of the offer could be increased depending on demand during the subscription period.

The European Bank for Reconstruction and Development and the International Finance Corp. had each agreed to take a stake of up to 15.74% of the first tranche of the private placement, the market regulator said in a statement, adding it had no objection to the request by the bank to increase the size of the offering.

The decision comes shortly after the Egyptian trading debut of fintech MNT-Halan, which raised the equivalent of $150 million for a 20% stake in its local unit this week, underscoring the resilience of the Egyptian stock market, which is up 22% so far this year.

Banque du Caire had set the IPO price range between 4.82 pounds ($0.09) to 5.30 pounds per share. A total of 4.575 billion shares had been offered, with the vast majority - 95% - through a private placement. The state-run lender said its market capitalization is between 73.51 billion and 80.83 billion pounds.

The number of shares to be taken by the EBRD and the IFC will be determined once the final price has been set for the private tranche, according to the statement. Earlier in the week the lender said it had entered into cornerstone investment agreements with four entities as part of the private placement.

The IPO is part of the government’s broader program to overhaul and revive the economy through the sale of state assets, either to strategic investors or by listing them on the Egyptian exchange.

The program began years ago, but saw little momentum as a result of challenges including the Covid-19 pandemic and regional unrest linked to the Gaza and Iran wars.