The appetite for Gulf IPOs is still strong: Saudi Arabia’s Modern Mills for Food Products IPOfor 30% of the company is 127x oversubscribed, it said in a statement (pdf). In total, institutional investors submitted bids worth SAR 150 bn (USD 40 bn) for the flour milling company’s public offering. The milling company is taking 24.5 mn shares to market — representing 30% of the company — in a SAR 1.2 bn market debut.

The company has priced its IPO at SAR 48 a piece, giving it a valuation of SAR 3.9 bn (USD 1.0 bn).

What’s next:Individual investors will have a two-day window starting Tuesday to place their orders for a maximum of 10% of the offered shares — 2.5 mn shares — according to the prospectus (pdf).

ALSO WORTH NOTING-

  • BTC broke above the USD 60k mark for the first time yesterday since November 2021 and has already climbed by over 40% since the start of this year, fuelling hopes that the cryptocurrency is gaining appeal among investors in traditional assets, Bloomberg noted.

EGX30

28,876

-1.1% (YTD: +16%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,611

+0.1% (YTD: +5.4%)

ADX

9,283

-0.5% (YTD: -3.1%)

DFM

4,290

+0.4% (YTD: +5.7%)

S&P 500

5,070

-0.2% (YTD: +6.3%)

FTSE 100

7,625

-0.8% (YTD: -1.4%)

Euro Stoxx 50

4,884

0.0% (YTD: +8.0%)

Brent crude

USD 83.68

+0.0%

Natural gas (Nymex)

USD 1.87

-0.9%

Gold

USD 2,043.70

+0.1%

BTC

USD 60,514.15

+6.8% (YTD: +42.9%)

THE CLOSING BELL-

The EGX30 fell 1.1% at yesterday’s close on turnover of EGP 6.7 bn (56.9% above the 90-day average). Regional investors were net sellers. The index is up 16.0% YTD.

In the green: Fawry (+4.7%), E-finance (+2.6%), and Egypt Kuwait Holding (+2.5%).

In the red: Alexandria Containers and Cargo Handling (-11.4%), Delta Sugar (-10.6%), and Orascom Development Egypt (-8.0%).

Tags: