Good afternoon, friends, and happy almost-weekend. The news cycle seems to be cooling down as we approach the long weekend, and we’re hoping you’re doing the same.

THE BIG STORY TODAY-

Bonyan made its long-awaited debut on the EGX today under the ticker BONY.CA, opening at EGP 4.96 and trading within a tight range despite broader price movement bands. Shares hit an intraday high of EGP 5.15 and a low of EGP 4.97 before closing the session up 0.2% at EGP 4.97 a pop. Total trading volume came in at 64.6 mn shares (that’s 18% of the 363 mn shares debuted) executed across 10.3k trades.

The real estate investment firm’s relatively uneventful debut came despite the stock being granted a wider trading band, permitted to rise or fall by up to 40% on its first day, double the usual market limit, with no circuit breakers in place to curb volatility. Starting tomorrow, Bonyan shares will be subject to the same trading rules as the rest of the market.

ICYMI- Bonyan priced its IPO at the lower end of its range (EGP 4.96) suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52. The EGP 1.8 bn IPO had generated strong demand from both institutional and retail investors. The listing was accompanied by a solid 1Q earnings release, with rental and service charge revenues up 51% y-o-y to EGP 158.9 mn and gross asset value rising to EGP 16.6 bn, up from EGP 15.96 bn at the end of 2024.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to explore sponsorship opportunities.

THE BIG STORY ABROAD-

It’s a rather slow international news day, with no major story dominating the day’s agenda. Among the stories getting top billing:

The Trump administration is looking into alternative partners to build the new US missile defense system project dubbed the Golden Dome. This marks a shift from reliance on Elon Musk’s SpaceX to lead the project, after tensions between the US president and Musk rose in recent months, Reuters reports in an exclusive quickly gaining traction, citing sources familiar with the matter. Prospective partners could include Amazon’s Project Kuiper and other big defense contractors, the newswire said.

REMEMBER– Earlier in June, the White House had weighed a proposal for SpaceX to collaborate with software company Palantir and drone manufacturer Anduril to build key components of the Golden Dome — which aims to track and prevent possible missile attacks on the US.

☀️ TOMORROW’S WEATHER- Temperatures remain on the rise in Cairo, with the mercury set to peak at 40°C, before cooling down to 24°C. The North Coast is in for relatively cooler weather, with a high of 30°C and a low of 26°C, according to our favorite weather app.

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