{"id":546989,"date":"2022-06-05T04:07:45","date_gmt":"2022-06-05T04:07:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/abu-dhabis-borouge-soars-in-adx-debut-following-massive-ipo\/"},"modified":"2022-06-05T04:07:45","modified_gmt":"2022-06-05T04:07:45","slug":"abu-dhabis-borouge-soars-in-adx-debut-following-massive-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/abu-dhabis-borouge-soars-in-adx-debut-following-massive-ipo\/","title":{"rendered":"Abu Dhabi\u2019s Borouge soars in ADX debut following massive IPO"},"content":{"rendered":"

<\/a> Borouge shares pop in trading debut: <\/strong>Abu Dhabi-based petrochemicals firm Borouge\u2019s shares jumped as much as 24% in its trading debut on Friday after raising USD 2 bn<\/a> to become the ADX\u2019s biggest-ever IPO. Shares hit an intraday high of AED 3.04 from its AED 2.45 IPO price before falling back slightly to close at AED 3.00. Borouge \u2060\u2014 a joint venture between the Abu Dhabi National Oil Company (Adnoc) and Austrian chemicals firm Borealis \u2060\u2014 listed 3 bn shares on the exchange, handing the company a USD 20 bn valuation. Our friends at EFG Hermes were joint bookrunners (pdf)<\/a> on the transaction.<\/p>\n

A record first half for Gulf IPOs:<\/strong> Gulf IPOs are on course for a record first half<\/a> as surging oil prices and foreign inflows protect the energy-rich region from the turbulence that has threatened listing in other parts of the world.<\/p>\n

It looks like the global chip shortage won\u2019t be easing anytime soon: <\/strong>Moscow has curtailed until the end of the year exports to \u201cunfriendly countries\u201d of key noble gases used to make semiconductors \u2014 of which Russia accounts for 30%<\/a>of global supply,<\/a>Reuters<\/a> reports.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,008<\/p>\n<\/td>\n

\n

-0.8% (YTD: -16.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.60<\/p>\n<\/td>\n

\n

Sell 18.68<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.62<\/p>\n<\/td>\n

\n

Sell 18.68<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,605<\/p>\n<\/td>\n

\n

-1.3% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,837<\/p>\n<\/td>\n

\n

-0.2% (YTD: +15.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,387<\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,109<\/p>\n<\/td>\n

\n

-1.6% (YTD: -13.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,533<\/p>\n<\/td>\n

\n

-1.0% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,784<\/p>\n<\/td>\n

\n

-0.3% (YTD: -12.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 119.72<\/p>\n<\/td>\n

\n

+1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 8.52<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,850.20<\/p>\n<\/td>\n

\n

-1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 29,752<\/p>\n<\/td>\n

\n

+0.6% (YTD: -35.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.8% at Thursday\u2019s close<\/strong> on turnover of EGP 447 mn (47% below the 90-day average). Local investors were net buyers. The index is down 16.3% YTD.<\/p>\n

In the green: <\/strong>Ibnsina Pharma (+7.1%), Madinet Nasr Housing (+6.3%) and Palm Hills Development (+3.6%).<\/p>\n

In the red: <\/strong>CIB (-2.4%), EFG Hermes (-2.0%) and Oriental Weavers (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Borouge shares pop in trading debut: Abu Dhabi-based petrochemicals firm Borouge\u2019s shares jumped as much as 24% in its trading debut on Friday after raising USD 2 bn to become the ADX\u2019s biggest-ever IPO. Shares hit an intraday high of AED 3.04 from its AED 2.45 IPO price before falling back slightly to close at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[298,581,1941,653,637,72,119,122,645,651],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546989","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-abu-dhabi","tag-adx","tag-borouge","tag-chip-shortage","tag-elon-musk","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-semiconductors","tag-tesla","wpautop","entry"],"acf":{"mongo_id":"8fe1340c-8a46-4ba3-8148-0f393fc9e938","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546966],"teaser":"","voice_url":""},"yoast_head":"\nAbu Dhabi\u2019s Borouge soars in ADX debut following massive IPO - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/abu-dhabis-borouge-soars-in-adx-debut-following-massive-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Dhabi\u2019s Borouge soars in ADX debut following massive IPO\" \/>\n<meta property=\"og:description\" content=\"Borouge shares pop in trading debut: Abu Dhabi-based petrochemicals firm Borouge\u2019s shares jumped as much as 24% in its trading debut on Friday after raising USD 2 bn to become the ADX\u2019s biggest-ever IPO. 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USD 1 bn ADX listing: The ADQ-owned company has priced its IPO\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/815.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546669,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/more-ipos-are-being-lined-up-in-the-gulf-a-cypriot-gas-field-you-should-really-care-about\/","url_meta":{"origin":546989,"position":1},"title":"More IPOs are being lined up in the Gulf + a Cypriot gas field you should really care about","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"The IPOs in the Gulf just won\u2019t stop: Abu Dhabi-based petrochemicals firm Borouge is set to raise some USD 2 bn in its upcoming IPO, after setting its share price at AED 2.45 (USD 0.67) a share. The company has already secured a total c.USD 570 mn worth of commitments\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549671,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/everyone-wants-a-piece-of-salik\/","url_meta":{"origin":546989,"position":2},"title":"Everyone wants a piece of Salik","author":"enterpriseam admin","date":"26 September 2022","format":false,"excerpt":"Salik IPO more than 49x oversubscribed: Dubai\u2019s toll gate operator pulled in over USD 50 bn of orders during the subscription period for its market debut, according to a statement (pdf) to the Dubai Financial Market. The company is offering a 24.9% stake (1.9 bn shares) at AED 2.00 (USD\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546952,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/gulf-ipo-market-on-course-for-record-first-half\/","url_meta":{"origin":546989,"position":3},"title":"Gulf IPO market on course for record first half","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"No IPO winter in the GCC, thanks to rising oil prices: Gulf IPOs are on course for a record first half as surging oil prices and foreign inflows protect the energy-rich region from the turbulence that has threatened listing in other parts of the world, Bloomberg reported. Companies in the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543619,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/abu-dhabi-ports-shares-surge-on-adx-following-ipo-dubais-shuaa-wants-to-spac\/","url_meta":{"origin":546989,"position":4},"title":"Abu Dhabi ports shares surge on ADX following IPO + Dubai\u2019s SHUAA wants to SPAC","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Shares in Abu Dhabi Ports jumped as much as 17% on its ADX debut yesterday, marking the latest success for Gulf listings, Bloomberg reports. The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556530,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/fertiglobe-shares-jump-20-on-adx-debut\/","url_meta":{"origin":546989,"position":5},"title":"Fertiglobe shares jump 20% on ADX debut","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"Fertiglobe shares jumped 20% in theirADX debut yesterday before closing 17.6%higher at AED 3.06 per share. The joint venture between the state-owned Abu Dhabi National Oil Co. (Adnoc) and Nassef Sawiris\u2019 OCI raised some USD 795 mn in last week\u2019s IPO, pricing shares at AED 2.55 apiece. The listing was\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546989"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546989\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546966"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546989"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546989"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}