Spinneys’ shares rose up to 11% on its trading debut on the Dubai Financial Market (DFM) on Thursday, before settling up nearly 5% at AED 1.6. Shares opened at AED 1.7, up from the final set price of AED 1.53. The IPO had raised AED 1.38 bn after receiving more than AED 71 bn in orders, marking a successful, rare listing of a private family business in Dubai.

This marks the third successful IPO of the year in the UAE, following Parkin and Agility Global’s successful debuts. Parkin had raised some AED 1.57 bn as the first IPO of the year in the country, while Agility Global’s technical listing on the ADX saw its share price jump more than fourfold on its first day of trading.

Advisors: Our friends at HSBC Middle East are joint global coordinators alongside Emirates NBD Capital and Merrill Lynch. Our friends at EFG Hermes are joint bookrunners, while Rothschild Middle East is independent financial advisor. Emirates NBD Capital is also acting as listing advisor, while Emirates NBD Bank is lead receiving bank. Other receiving banks include our friends at FAB as well as MBank and Commercial Bank of Dubai.

EGX30

26,003

+0.1% (YTD: +4.5%)

USD (CBE)

Buy 47.27

Sell 47.40

USD (CIB)

Buy 47.30

Sell 47.40

Interest rates CBE

27.25% deposit

28.25% lending

Tadawul

12,284

-1.4% (YTD: +2.7%)

ADX

9,090

-0.3% (YTD: -5.1%)

DFM

4,173

-0.2% (YTD: +2.8%)

S&P 500

5,223

+0.2% (YTD: +9.5%)

FTSE 100

8,434

+0.6% (YTD: +9.1%)

Euro Stoxx 50

5,085

+0.6% (YTD: +12.5%)

Brent crude

USD 82.79

-1.3%

Natural gas (Nymex)

USD 2.25

-2.1%

Gold

USD 2,375.00

+1.5%

BTC

USD 61,013

+0.8% (YTD: +44.2%)

THE CLOSING BELL-

The EGX30 rose 0.1% at Thursday’s close on turnover of EGP 2.8 bn (42.8% below the 90-day average). Local investors were net buyers. The index is up 4.5% YTD.

In the green: Egypt Kuwait Holding -EGP (+7.2%), Abu Qir Fertilizers (+3.2%), and Ezz Steel (+2.1%).

In the red: Qalaa Holdings (-7.5%), Orascom Construction (-3.3%), and Telecom Egypt (-2.0%).

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