Adnoc’s logistics unit covers IPO bookbuilding within minutes: The order book for the listing of Adnoc’s maritime logistics subsidiary, Adnoc L&S, was oversubscribed within minutes of opening yesterday, Bloomberg reports, citing a company message to investors. Adnoc L&S will offer a 15% stake (1.1 bn shares) for AED 1.99 - 2.01 apiece in an IPO that could raise as much as USD 607 mn and value the company as high as USD 4.05 bn, it said in a statement (pdf) yesterday.

Cornerstone investors: Al Seer Marine Supplies and Equipment, National Marine Dredging Company, ADQ’s Alpha Oryx, and Abu Dhabi Pension Fund have together committed some USD 180 mn to the IPO, the company said.

What’s next: Retail subscription closes next Tuesday, 23 May, institutional book building wraps a day later, and the final offer price will be disclosed on Thursday, 25 May. Shares are expected to start trading in Abu Dhabi on 1 June.

Aramco’s plans for a secondary offering pick up steam: Saudi oil and gas giant Aramco is working with several unnamed advisers to list more of its shares on the Saudi stock exchange in what would be one of the biggest offerings globally in years, Bloomberg reports, citing sources it says are in the know. Aramco could make a final decision within weeks on whether to proceed with the plan. An offering of just 1% of the company would raise more than USD 20 bn, the business newswire notes, adding that Aramco’s recent move to up its base dividend could help draw fresh investors.

Also worth knowing this morning:

  • Qatar is spending big to up natgas production: QatarEnergy has handed a USD 10 bn contract to Technip Energies and Consolidated Contractors Company to build two LNG trains that will up the liquefaction capacity of the North Field South project by 16 mn tons a year. (Qatar Energy statement)
  • Saudi closes sukuk sale:Saudi Arabia has raised USD 6 bn in a sovereign sukuk sale with maturities of 6-10 years, as it looks to plug its budget deficit triggered by a drop in oil prices. The issuance saw more than USD 17 bn worth of bids. (Bloomberg)
  • Russian oil exports hit post-invasion high: Russian oil exports rose to 8.3 mn bpd in April, generating revenues of USD 15 bn, according to industry data. (International Energy Agency)
  • Vodafone isn’t in good shape: Vodafone plans to cut 11k jobs — around a tenth of its global workforce — over the next three years amid poor results in Germany, its largest market, and other European countries. The company’s share price fell 7.4% in London on the news. (Reuters)
  • Euro area trade bounces back: The eurozone’s trade balance turned positive in March for the first time in 17 months as falling energy prices and a mild winter brought down its import bill. (Financial Times)

EGX30

17,034

-0.6% (YTD: +16.7%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,206

-0.2% (YTD: +6.9%)

ADX

9,476

+0.1% (YTD: -7.2%)

DFM

3,509

-0.5% (YTD: +5.2%)

S&P 500

4,110

-0.6% (YTD: +7.0%)

FTSE 100

7,751

-0.3% (YTD: +4.0%)

Euro Stoxx 50

4,316

0.0% (YTD: +13.8%)

Brent crude

USD 74.63

-0.8%

Natural gas (Nymex)

USD 2.36

-0.7%

Gold

USD 1,992.80

-1.5%

BTC

USD 26,961

-1.4% (YTD: +63.1%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 2.04 bn. Foreign investors were net sellers. The index is up 16.7% YTD.

In the green: Ibnsina Pharma (+10.9%), Rameda (+2.2%) and Elsewedy Electric (+1.0%).

In the red: Oriental Weavers (-4.8%), Mopco (-4.5%) and Heliopolis Housing (-3.9%).

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