{"id":549376,"date":"2022-09-14T04:03:53","date_gmt":"2022-09-14T04:03:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/dubai-toll-operator-saliks-ipo-is-already-covered-after-day-one-of-subscription-period\/"},"modified":"2022-09-14T04:03:53","modified_gmt":"2022-09-14T04:03:53","slug":"dubai-toll-operator-saliks-ipo-is-already-covered-after-day-one-of-subscription-period","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/dubai-toll-operator-saliks-ipo-is-already-covered-after-day-one-of-subscription-period\/","title":{"rendered":"Dubai toll operator Salik\u2019s IPO is already covered after day one of subscription period"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Dubai toll operator IPO covered within hours: <\/strong>Investors booked all 1.5 bn shares in Dubai\u2019s state-owned road toll operator Salik on the first day of subscription, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-13\/dubai-seeks-to-raise-817-million-from-ipo-of-road-toll-operator?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a> reports, indicating continued strong demand for Gulf IPOs at a time when the listing pipeline in other markets has all but dried up. Dubai hopes to raise USD 817 mn by selling a 20% stake in Salik at AED 2.0 (USD 0.54) per share, valuing the company at some USD 4.1 bn. The company is expected to make its market debut on 29 September. The sale marks the emirate\u2019s third IPO of the year as part of a plan to add depth to the market by listing 10 state-owned firms.<\/p>\n<p><strong>Advisors-<\/strong> Our friends at<strong> EFG Hermes<\/strong> and<strong> HSBC<\/strong> are joint bookrunners alongside <strong>Citigroup<\/strong>, while <strong>Emirates NBD<\/strong>, <strong>Goldman Sachs<\/strong> and <strong>Merrill Lynch<\/strong> are global coordinators.<\/p>\n<p><strong>Saudi wealth fund dives into local tourism: <\/strong>Saudi Arabia\u2019s Public Investment Fund will acquire a 30% stake in <a href=\"https:\/\/www.seera.sa\/en\/\">Seera Group Holding<\/a>\u2019s tourism arm <a href=\"https:\/\/www.almosafer.com\/en\">Almosafer Travel and Tourism<\/a> in a SAR 1.5 bn (USD 413.5 mn) transaction, it said in <a href=\"https:\/\/bit.ly\/3eHGbNX\">a disclosure<\/a> to the Saudi stock exchange. Around a quarter of the investment is an earn-out linked to company KPIs for the next two years. The move comes as the fund looks to diversify its investment portfolio, and against the backdrop of a Saudi push to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf01ad80-5689-47fb-817b-e19572c3c1f4\">open the country to tourists<\/a> as it looks to reduce its dependence on oil revenues.<\/p>\n<p><strong>ALSO IN PLANET FINANCE-<\/strong><\/p>\n<ul>\n<li><strong>Serbia is the latest country to turn to the IMF:<\/strong> Serbia wants to negotiate with the IMF and the UAE for emergency funding as it struggles amid soaring borrowing costs. (<a href=\"https:\/\/www.ft.com\/content\/55da2503-66b3-4e72-bf12-b5d9c4e86669\">Financial Times<\/a>)<\/li>\n<li><strong>\u201cDebt monsters\u201d:<\/strong> The FT lists some 207 companies whose debt burdens spell danger as rates rise and cashflows tighten \u2014 including Chinese real estate firms, a French supermarket chain, an Indian miner, and a Belgian toilet manufacturer. (<a href=\"https:\/\/www.ft.com\/content\/e5a807a5-a65f-4885-ab5f-871d545e36a3\">Financial Times<\/a>)<\/li>\n<li><strong>When low unemployment is a bad sign: <\/strong>The UK\u2019s unemployment rate fell to its lowest level in almost 50 years in July, recording 3.6% \u2014 but the decline was mostly down to more people dropping out of the workforce, while high wage growth suggests a shortage of jobseekers. (<a href=\"https:\/\/www.ons.gov.uk\/employmentandlabourmarket\/peoplenotinwork\/unemployment\/timeseries\/mgsx\/lms\">ONS<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/uk\/uk-unemployment-rate-falls-36-three-months-july-2022-09-13\/\">Reuters<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,397<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -13.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.30<\/p>\n<\/td>\n<td>\n<p>Sell 19.41<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.33<\/p>\n<\/td>\n<td>\n<p>Sell 19.39<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,084<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,986<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +17.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,458<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: +8.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,933<\/p>\n<\/td>\n<td>\n<p>-4.3% (YTD: -17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,386<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: 0.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,586<\/p>\n<\/td>\n<td>\n<p>-1.7% (YTD: -16.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 93.55<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.38<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,712.90<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,131<\/p>\n<\/td>\n<td>\n<p>-9.9% (YTD: -56.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.44 bn (35.5% above the 90-day average). Foreign investors were net sellers. The index is down 13.0% YTD.<\/p>\n<p><strong>In the green: <\/strong>Cleopatra Hospitals (+4.0%), Fawry (+1.4%) and Oriental Weavers (+0.7%).<\/p>\n<p><strong>In the red: <\/strong>Qalaa Holding (-2.7%), Egypt Kuwait Holding-EGP (-2.1%) and e-Finance (-1.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dubai toll operator IPO covered within hours: Investors booked all 1.5 bn shares in Dubai\u2019s state-owned road toll operator Salik on the first day of subscription, Bloomberg reports, indicating continued strong demand for Gulf IPOs at a time when the listing pipeline in other markets has all but dried up. Dubai hopes to raise USD [&hellip;]<\/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":[163,637,928,72,119,78,7128,122,2232,219,894,1010,112],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549376","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dubai","tag-elon-musk","tag-employment","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-ma-watch","tag-planet-finance","tag-salik","tag-saudi-arabia","tag-social-media","tag-twitter","tag-uk","wpautop","entry"],"acf":{"mongo_id":"7549fc2e-2c08-491e-b0b6-c4817d5f0235","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549359],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dubai toll operator Salik\u2019s IPO is already covered after day one of subscription period - 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\/09\/14\/dubai-toll-operator-saliks-ipo-is-already-covered-after-day-one-of-subscription-period\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai toll operator Salik\u2019s IPO is already covered after day one of subscription period\" \/>\n<meta property=\"og:description\" content=\"Dubai toll operator IPO covered within hours: Investors booked all 1.5 bn shares in Dubai\u2019s state-owned road toll operator Salik on the first day of subscription, Bloomberg reports, indicating continued strong demand for Gulf IPOs at a time when the listing pipeline in other markets has all but dried up. 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