IPO WATCH-

#1- Lumi shares pop in Saudi debut: Shares in Saudi car rental firm Lumi rose as much as 30% in their Tadawul debut in Riyadh yesterday following the company’s USD 290 mn IPO. Shares opened above the company’s IPO SAR 66 IPO price at SAR 72.6 and jumped to a high of SAR 85.8. The company floated 30% of its shares on the exchange in a sale that was almost 95x oversubscribed, with orders worth SAR 102.9 bn. Our friends at EFG Hermes were joint bookrunners on the transaction, according to a statement (pdf) yesterday.

#2- Spinneys Dubai could IPO in 2024: Spinneys Dubai — the franchisee of the supermarket chain in the UAE and Oman — could offer 30% of its shares in an IPO in Dubai in 2Q 2024, Reuters reports, citing three people with knowledge of the matter.

EGX30

20,321

+0.5% (YTD: +39.2%)

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

10,878

-0.7% (YTD: +3.8%)

ADX

9,837

-0.1% (YTD: -3.7%)

DFM

4,182

+0.3% (YTD: +25.4%)

S&P 500

4,337

+0.4% (YTD: +13.0%)

FTSE 100

7,624

-0.8% (YTD: +2.3%)

Euro Stoxx 50

4,167

-1.0% (YTD: +9.9%)

Brent crude

USD 93.35

+0.1%

Natural gas (Nymex)

USD 2.64

-0.1%

Gold

USD 1,934.80

-0.6%

BTC

USD 26,295

-0.7% (YTD: +59.8%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 2.5 bn (16.9% above the 90-day average). Foreign investors were net buyers. The index is up 39.2% YTD.

In the green: Palm Hills Development (+6.9%), Abu Dhabi Islamic Bank (+6.7%) and Ezz Steel (+5.8%).

In the red: E-Finance (-2.1%), Fawry (-1.8%) and Telecom Egypt (-1.1%).

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