{"id":556160,"date":"2021-10-13T04:03:08","date_gmt":"2021-10-13T04:03:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/are-spacs-making-a-comeback-acwa-ipo-momentum-cools-on-second-trading-day\/"},"modified":"2021-10-13T04:03:08","modified_gmt":"2021-10-13T04:03:08","slug":"are-spacs-making-a-comeback-acwa-ipo-momentum-cools-on-second-trading-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/13\/are-spacs-making-a-comeback-acwa-ipo-momentum-cools-on-second-trading-day\/","title":{"rendered":"Are SPACs making a comeback? + ACWA IPO momentum cools on second trading day"},"content":{"rendered":"

<\/a> SPACs get a reputation makeover: <\/strong>The latest incarnation of special-purpose acquisition companies has some investors hailing them as an almost no-risk venture that makes a good alternative to short-term bonds, according to the WSJ<\/a>. Once seen as a fraud magnet<\/a>, the unusual investment vehicles became a major 2020 craze<\/a> before seeming to lose their appeal<\/a>. Now some investors say the slump in the market following last year\u2019s rapid increase in the number of SPACS means shares are trading at a discount and high yields can be achieved through short-term \u201cSPAC arbitrage\u201d: Redeeming shares for a higher value once a merger is announced or the SPAC is liquidated.<\/p>\n

Shares of ACWA Power sank on their second trading day<\/strong>, failing to maintain the momentum of a record debut on Tadawul and finishing down 8.4%<\/a> at the closing bell. The drop came after the Saudi energy player, whose listing was the biggest in the kingdom since Aramco\u2019s, saw its share price gain a massive 30% on its first day as a public company earlier this week<\/a>.<\/p>\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

10783.92<\/p>\n<\/td>\n

\n

+0.7% (YTD: -0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,542.88<\/p>\n<\/td>\n

\n

+0.3% (YTD: 32.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,786.89<\/p>\n<\/td>\n

\n

+0.06% (YTD: 53.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,787.72<\/p>\n<\/td>\n

\n

+0.6% (YTD: 11.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,362.22<\/p>\n<\/td>\n

\n

+0.02% (YTD: 16.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,130.23<\/p>\n<\/td>\n

\n

-0.2% (YTD: 10.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 83.37<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 5.52<\/p>\n<\/td>\n

\n

+3.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,759.10<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 55,757.06<\/p>\n<\/td>\n

\n

-2.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.7% yesterday<\/strong> on turnover of EGP 811 mn (46.4% below the 90-day average). Regional investors were net buyers. The index is down 0.6% YTD.<\/p>\n

In the green: <\/strong>ElSewedy Electric (+3.6%), Orascom Development Egypt (+2.5%), and Ibnsina Pharma (+2.2%).<\/p>\n

In the red: <\/strong>AMOC (-3.9%), Pioneers Properties (-3.4%) and Raya Holding (-1.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

SPACs get a reputation makeover: The latest incarnation of special-purpose acquisition companies has some investors hailing them as an almost no-risk venture that makes a good alternative to short-term bonds, according to the WSJ. Once seen as a fraud magnet, the unusual investment vehicles became a major 2020 craze before seeming to lose their appeal. […]<\/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":[72,119,122,3325],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556160","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-uranium","wpautop","entry"],"acf":{"mongo_id":"64e375ff-5934-4ee9-b9e7-c5885f40b37f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556140],"teaser":"","voice_url":""},"yoast_head":"\nAre SPACs making a comeback? + ACWA IPO momentum cools on second trading day - 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\/2021\/10\/13\/are-spacs-making-a-comeback-acwa-ipo-momentum-cools-on-second-trading-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are SPACs making a comeback? + ACWA IPO momentum cools on second trading day\" \/>\n<meta property=\"og:description\" content=\"SPACs get a reputation makeover: The latest incarnation of special-purpose acquisition companies has some investors hailing them as an almost no-risk venture that makes a good alternative to short-term bonds, according to the WSJ. 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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":655828,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/egypts-first-spac-starts-trading-on-the-egx\/","url_meta":{"origin":556160,"position":4},"title":"Egypt\u2019s first SPAC starts trading on the EGX","author":"enterpriseam admin","date":"25 November 2024","format":false,"excerpt":"CPME listed 1 mn shares with a nominal value of EGP 10 per share","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565806,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/reeling-in-spacs\/","url_meta":{"origin":556160,"position":5},"title":"Reeling in SPACs","author":"enterpriseam admin","date":"5 May 2021","format":false,"excerpt":"US regulators could soon begin sinking their teeth into SPACs after Gary Gensler was appointed by the Biden administration to head the Securities and Exchange Commission, the Financial Times reports. Special purpose acquisition companies (SPACs), which have over the past year generated a USD 142 bn pool of capital and\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556160","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=556160"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556160\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556140"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556160"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556160"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}