Investors pile into Gulf IPOs: The IPOs of Saudi broadcaster MBC and Emiratihealthcare firm PureHealth have attracted a combined USD 86.5 bn in bids as investor demand for Gulf companies continues apace.

#1- PureHealth prices shares in c. USD 1 bn ADX listing: The ADQ-owned company has priced its IPO at AED 3.26, putting it on course to raise AED 3.62 bn (USD 986 mn) from its share sale on the ADX, it said yesterday. The company wrapped up book building on Monday attracting orders worth AED 265 bn (USD 72 bn), with the institutional offering closing 54x oversubscribed and the retail component 483x the shares on offer.

FYI- PureHealth is the UAE’s second-largest IPO this year after Adnoc Gas’ USD 50 bn sale in March.

#2- MBC inches closer to Tadawul debut: MBC has priced its shares at the top of the range at SAR 25 a piece in its ongoing IPO in Riyadh, valuing the company at SAR 8.1 bn, it said in a statement (pdf) yesterday. The institutional offering, which wrapped on 6 December, drew SAR 54.5 bn (USD 14.5 bn) of orders and closed 66x oversubscribed.

Retail investors up next: Retail investors will be able to place orders from tomorrow through 18 December. The company is expected to debut on the Saudi stock exchange in early 2024, according to a document seen by Bloomberg.

ALSO WORTH NOTING-

  • Crypto bros seek haven of Abu Dhabi amid US crackdown:Cryptocurrency firms,following in the footsteps of other investors, are setting up shop in Abu Dhabi as the industry seeks more relaxed regulations and deep-pocketed investors. (Bloomberg)
  • Aramco in Pakistan: Saudi Aramco has agreed to purchase a 40% stake in the Pakistani fuel retailer Gas & Oil Pakistan, its first acquisition in the South Asian country. (Bloomberg)

EGX30

24,071

-0.5% (YTD: +64.9%)

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

11,395

+0.1% (YTD: +8.8%)

ADX

9,449

+0.4% (YTD: -7.5%)

DFM

3,937

+0.1% (YTD: +18.0%)

S&P 500

4,644

+0.5% (YTD: +21.0%)

FTSE 100

7,543

0.0% (YTD: +1.2%)

Euro Stoxx 50

4,537

-0.1% (YTD: +19.6%)

Brent crude

USD 73.24

-3.7%

Natural gas (Nymex)

USD 2.31

-4.9%

Gold

USD 1,979.54

-0.1%

BTC

USD 41,108

-0.2% (YTD: +149.5%)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’ close on turnover of EGP 3.6 bn (14.9% above the 90-day average). Regional investors were net buyers. The index is up 64.9% YTD.

In the green: Edita (+4.6%), Ezz Steel (+3.6%) and Egypt Kuwait Holding (+3.2%).

In the red: Madinet Masr (-5.1%), E-Finance (-3.8%) and ADIB (-2.8%).

It’s a mixed picture in Asia this morning as investors await the outcome of the Federal Reserve meeting later today. Shares in Japan and Australia are in the green while Chinese markets are nursing losses. US stocks will rise at the opening bell while European markets are mixed, according to equity futures.

Tags: