IPO WATCH- #1- Arm IPO 5x oversubscribed: Bankers pitching investors on SoftBank’s initial public offering of Arm say the flotation is more than five times oversubscribed, bankers involved in the book-building process tell the the Financial Times. The strong demand comes as the company tries to position itself as one of the future’s big AI companies in response to concerns about its growth prospects in its core market.

IPO WATCH #2- There’s huge demand for Saudi car rental firm Lumi, which has priced its IPO at the top of the range after last week’s institutional book-building process was 94.5x oversubscribed, it said (pdf) Thursday. The company’s shares will debut on the Saudi stock exchange at SAR 66 apiece, valuing the firm at SAE 3.63 bn. It will raise almost SAR 1.1 bn by selling 16.5 mn shares, equivalent to a 30% stake.

What’s next: The retail component of the offering will take place on 12 September, and the final allocation of the shares will happen on 21 September.

Advisors: EFG Hermes is working as a joint bookrunner alongside Saudi Fransi Capital, which is also the financial advisor, lead manager and underwriter.

ALSO WORTH NOTING-

  • Another sign of warming Gulf-China ties: Mubadala, one of the largest sovereign investment managers in the Gulf, has opened an office in Beijing as it looks to deepen its investments in China. (Reuters)
  • Good news for Turkey: Fitch Ratings has revised Turkey’s credit rating from negative to stable, as President Erdogan’s new administration adopts more conventional fiscal and monetary policies to steer the country out of its economic crisis. (Bloomberg)

EGX30

19,376

+0.8% (YTD: +32.7%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,216

-0.7% (YTD: +7.0%)

ADX

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+0.3% (YTD: -5.1%)

DFM

4,067

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FTSE 100

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Euro Stoxx 50

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Brent crude

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Natural gas (Nymex)

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Gold

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0.0%

BTC

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-0.1% (YTD: +56.5%)

THE CLOSING BELL-

The EGX30 rose 0.8% at Thursday’s close on turnover of EGP 1.83 bn (13.7% below the 90-day average). Regional investors were net buyers. The index is up 32.7% YTD.

In the green: Telecom Egypt (+4.0%), Fawry (+2.7%) and Eastern Company (+2.6%).

In the red: Ezz Steel (-1.9%), Orascom Development Egypt (-1.4%) and Alexandria Containers and Cargo Handling (-1.2%).

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