Will Reddit’s blockbuster IPO signal the start of a rally? Some bankers expect an uptick in companies looking to list in the United States as they follow in the footsteps of social media platform Reddit, whose shares climbed 48% following its blowout IPO, the Financial Times reports. The listings would revitalize an IPO market that has been sluggish since 2021 and provide relief to private equity firms, which typically depend on IPOs to exit investments.

ICYMI- Reddit’s IPO raised some USD 748 mn after it priced its listing at the top of the range in an IPO that was 5x oversubscribed.

The European IPO market is on the up, too: A series of European companies have recently seen their shares jump following their stock market debuts. These include German military gearbox manufacturer Renk, Athens International Airport, and Swiss pharma company Galderma, whose shares gained 21% on Friday.

Also making a case for an IPO boom: The stock market’s recent rally and raised forecasts forUS economic growth by the US Federal Reserve have also stoked confidence in an IPO revival.

EGX30

29,055

+1.6% (YTD: +16.7%)

USD (CBE)

Buy 46.61

Sell 46.75

USD at CIB

Buy 46.6

Sell 46.7

Interest rates CBE

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28.25% lending

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THE CLOSING BELL-

The EGX30 rose 1.6% at Thursday’s close on turnover of EGP 3.7 bn (25.3% below the 90-day average). Local investors were net buyers. The index is up 16.7% YTD.

In the green: Qalaa Holdings (+10.2%), E-Finance (+9.5%), and Sidi Kerir Petrochemicals (+8.5%).

In the red: Edita (-5.0%), Talaat Moustafa Group (-3.3%), and Juhayna (-2.2%).

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