Dubai Taxi IPO sees huge investor demand: State-owned Dubai Taxi Corporation’s (DTC) IPO offering up 25% of the company was oversubscribed within the first hour of opening yesterday, Bloomberg reports. The company listed a total of 624.8 mn shares in its IPO on the Dubai Financial Market (DFM).

Offering could fetch more than AED 1 bn: The company has set an indicative price range ofAED 1.80-1.85 per share, valuing the company at up to AED 4.62 bn (USD 1.25 bn), according to a filing to the DFM. The share sale could see DTC — Dubai’s largest taxi operator — raise as much as AED 1.16 bn (USD 315 mn), Bloomberg notes. The final pricing will be announced next Thursday, 30 November.

Sellers: The Department of Finance for the Government of Dubai serves as the seller in the firstsuch offering by the Dubai government in over a year.

Advisors: Citibank, Emirates NBD, and Merrill Lynch are joint global coordinators for thetransaction. Joining them on joint bookrunner duties are EFG Hermes UAE and FAB. Emirates NBD is lead receiving bank, while our friends at Mashreq Bank are also serving as a receiving bank alongside FAB and others. Rothschild is also serving as an independent financial advisor.

SAUDI ALSO HAS BIG IPOs IN THE PIPELINE- Saudi’s MBC taps HSBC and JPMorgan as advisors for upcoming IPO: The region’s largest broadcaster MBC Group has hired HSBC Holdings and JPMorgan Chase & Co as financial advisors ahead of its initial public offering in Saudi Arabia, Bloomberg reported. In what could be one of the most prominent IPOs in the kingdom this year, MBC will offer up 10% of its company to public investors, or 33.3 mn shares.

ALSO WORTH NOTING-

  • Three quarters of foreign funds invested in Chinese stocks left in 2023,marking outflows of nearly USD 25 bn, according to the Financial Times. The dumping of shares has pushed the CSI 300 down 11% in USD terms in 2023 as foreign investors lost faith in the economy as it struggled with a precarious real estate sector and slow post-covid recovery.

EGX30

24,774

+0.1% (YTD: +69.4%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,129

+0.1% (YTD: +6.2%)

ADX

9,542

-0.4% (YTD: -6.6%)

DFM

3,985

-0.4% (YTD: +19.5%)

S&P500

4,538

-0.2% (YTD: +18.2%)

FTSE 100

7,482

-0.2% (YTD: +0.4%)

Euro Stoxx 50

4,332

-0.2% (YTD: +14.2%)

Brent crude

USD 82.45

+0.1%

Natural gas (Nymex)

USD 2.85

-1.3%

Gold

USD 2,021.80

+1.1%

BTC

USD 36,786.20

-1.7% (YTD: +123.4%)

THE CLOSING BELL-

The EGX30 rose 0.1% at yesterday’s close on turnover of EGP 4.1 bn (48.1% above the 90-day average). Regional investors were net buyers. The index is up 69.7% YTD.

In the green: Telecom Egypt (+4.5%), GB Corp (+4.4%) and Mopco (+4.3%).

In the red: Sidpec (-3.0%), B Investments Holding (-2.5%) and Belton Holding (-1.9%).

Yesterday’s sell-off on Wall Street is continuing in Asia this morning, where much of the region’s indexes are trading lower. Equity futures are pointing to a mixed session in Europe and the US when markets open later today.

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