Adnoc L&S IPO just got bigger: Abu Dhabi National Oil Company (Adnoc) is now selling a 19% stake in its maritime logistics subsidiary Adnoc L&S, up from the initially planned 15% after the order book was oversubscribed within minutes of opening last week, the company said (pdf) yesterday. The company will now offer 1.41 bn shares for AED 1.99-2.01 apiece in an IPO that could raise as much as USD 769.4 mn and value the company as high as USD 4.05 bn.

Subscription wraps tomorrow: Retail subscription closes today and institutional book building will wrap tomorrow. The final offer price will be disclosed on Thursday and shares are expected to hit the Abu Dhabi stock exchange on 1 June.

High demand comes amid a regional IPO slowdown: Last year’s oil-fuelled IPO craze in the Gulf has tempered this year, with proceeds falling 69% so far this year to USD 3.5 bn, according to Bloomberg data. Earlier this month, ADES International and Aramco’s energy trading arm both postponedtheir plans to list in Riyadh due to current market conditions.

EGX30

16,764

-0.6% (YTD: +14.8%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,329

-0.1% (YTD: +8.1%)

ADX

9,527

+0.5% (YTD: -6.7%)

DFM

3,549

+0.1% (YTD: +6.4%)

S&P 500

4,193

0.0% (YTD: +9.4%)

FTSE 100

7,771

+0.2% (YTD: +4.3%)

Euro Stoxx 50

4,386

-0.2% (YTD: +15.6%)

Brent crude

USD 76.05

+0.6%

Natural gas (Nymex)

USD 2.40

-7.2%

Gold

USD 1,993.00

-0.4%

BTC

USD 26,906

+0.2% (YTD: +62.5%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 1.76 bn. Local investors were net sellers. The index is up 14.8% YTD.

In the green: Juhayna (+2.9%), Oriental Weavers (+2.2%) and Edita Food Industries (+1.9%).

In the red: Taaleem Management Services (-6.0%), Ibnsina Pharma (-4.4%) and Eastern Company (-3.1%).

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