{"id":577002,"date":"2022-11-06T04:00:29","date_gmt":"2022-11-06T04:00:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/empower-expands-ipo-on-high-demand-again\/"},"modified":"2022-11-06T04:00:29","modified_gmt":"2022-11-06T04:00:29","slug":"empower-expands-ipo-on-high-demand-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/empower-expands-ipo-on-high-demand-again\/","title":{"rendered":"Empower expands IPO on high demand (again)"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong><a href=\"https:\/\/www.empower.ae\/\">Emirates Central Cooling Systems<\/a><\/strong> <strong>(Empower) has for the second time bumped up the number of shares on offer in its IPO due to high demand.<\/strong> It will now offer a 20% stake in the company, up from 15%, raising as much as AED 2.7 bn (USD 724 mn), according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-04\/dubai-raises-empower-ipo-size-a-second-time-on-high-demand?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>MBC Group could IPO in 2023: <\/strong>The largest broadcaster in the Middle East could list on the Saudi stock exchange as early as next year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-03\/largest-mideast-broadcaster-said-to-tap-hsbc-jpmorgan-for-ipo?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports, citing sources with knowledge of the matter. MBC has reportedly tapped JPMorgan Chase and our friends at HSBC as initial advisors, the people said, without disclosing the planned date, size, or value of the IPO. The Saudi government owns 60% of MBC, with the remaining 40% controlled by founder and chairman Waleed Al Ibrahim.<\/p>\n<p><strong>A quarter of Credit Suisse could be owned by Middle East investors <\/strong>once the struggling bank is through with its USD 4 bn capital increase, as Qatar\u2019s sovereign fund looks to up its existing 5% stake in the Swiss lender, the <a href=\"https:\/\/www.ft.com\/content\/83eb48ed-1856-4ec3-99c9-86646f462d64\">Financial Times<\/a> reports, citing sources close to the transaction. Saudi National Bank, the Qatar Investment Authority, and Saudi-owned investment group Olayan could together own some 20-25% of Credit Suisse as a result of its share sale.<\/p>\n<p><strong>Investors have punished Saudi National Bank since it announced its plans to become Credit Suisse\u2019s single biggest shareholder<\/strong> by acquiring a 9.9% stake worth USD 1.16 bn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-03\/credit-suisse-s-saudi-backer-sheds-7-billion-over-stake-deal?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports. The bank has seen some USD 7 bn wiped off its market value since the transaction was announced last week, after analysts cast doubt on the benefits to SNB.<\/p>\n<p><strong>Also worth mentioning this morning: <\/strong><\/p>\n<ul>\n<li><strong>M&A Watch:<\/strong> AD Ports Group is acquiring 80% of Dubai-based <a href=\"https:\/\/www.globalfeeders.com\/\">Global Feeder<\/a><a href=\"https:\/\/www.globalfeeders.com\/\">Shipping<\/a> for AED 2.9 bn (USD 800 mn) in efforts to expand its global operations. (<a href=\"https:\/\/ent.news\/2022\/11\/Global-Feeder-Shipping.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>A record-breaking recession in the UK?<\/strong> The Bank of England said it expects the UK economy to suffer its longest-ever recession as it raised interest rates by 75 bps on Thursday. (<a href=\"https:\/\/www.bbc.co.uk\/news\/business-63471725\">BBC<\/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-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,262<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -5.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.20<\/p>\n<\/td>\n<td>\n<p>Sell 24.30<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.18<\/p>\n<\/td>\n<td>\n<p>Sell 24.28<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,439<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +1.4%)<\/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>10,482<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +23.5%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,350<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +4.8%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,771<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: -20.9%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,335<\/p>\n<\/td>\n<td>\n<p>+2.0% (YTD: -0.7%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,688<\/p>\n<\/td>\n<td>\n<p>+2.7% (YTD: -14.2%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 98.57<\/p>\n<\/td>\n<td>\n<p>+4.1%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.40<\/p>\n<\/td>\n<td>\n<p>+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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,676.60<\/p>\n<\/td>\n<td>\n<p>+2.8%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,329<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -53.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.2% at Thursday\u2019s close<\/strong> on turnover of EGP 880.5 mn (18.3% below the 90-day average). Local investors were net buyers. The index is down 5.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Telecom Egypt (+4.3%), Egypt Kuwait Holding-EGP (+3.9%) and CIB (+1.2%).<\/p>\n<p><strong>In the red: <\/strong>Juhayna Food Industries (-3.5%), Alexandria Containers and Cargo Handling (-2.3%) and Cleopatra Hospitals (-1.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emirates Central Cooling Systems (Empower) has for the second time bumped up the number of shares on offer in its IPO due to high demand. It will now offer a 20% stake in the company, up from 15%, raising as much as AED 2.7 bn (USD 724 mn), according to Bloomberg. MBC Group could IPO [&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":[9115,9980,72,119,78,6354,122,2362,219,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577002","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-credit-suisse","tag-empower","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-mbc-group","tag-planet-finance","tag-qatar-investment-authority","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"d204db62-30cb-442d-b885-b305c1f509c7","is_powered_by":true,"section_story_id":"db981cfd-70f2-42cf-95ec-c5881e76a41a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[576980],"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>Empower expands IPO on high demand (again) - 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\/11\/06\/empower-expands-ipo-on-high-demand-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empower expands IPO on high demand (again)\" \/>\n<meta property=\"og:description\" content=\"Emirates Central Cooling Systems (Empower) has for the second time bumped up the number of shares on offer in its IPO due to high demand. 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USD 1 bn ADX listing: The ADQ-owned company has priced its IPO\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":610580,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/22\/dubai-taxi-ipo-oversubscribed-in-60-minutes\/","url_meta":{"origin":577002,"position":1},"title":"Dubai Taxi IPO oversubscribed in 60 minutes","author":"enterpriseam admin","date":"22 November 2023","format":false,"excerpt":"Dubai Taxi IPO sees huge investor demand: State-owned Dubai Taxi Corporation\u2019s (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\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1139.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607078,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/lumi-shares-rise-30-on-saudi-stock-market-debut\/","url_meta":{"origin":577002,"position":2},"title":"Lumi shares rise 30% on Saudi stock market debut","author":"enterpriseam admin","date":"26 September 2023","format":false,"excerpt":"The IPO was almost 95x oversubscribed","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1537.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606256,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/another-ipo-in-riyadh\/","url_meta":{"origin":577002,"position":3},"title":"Another IPO in Riyadh","author":"enterpriseam admin","date":"13 September 2023","format":false,"excerpt":"Another Saudi IPO in the cards: Saudi Arabian Airlines (aka Saudia) and Tarabot Air Cargo services will offer a 30% stake in air cargo handler Saudi Logistics Services(SAL) to the public in an IPO on the Tadawul, according to a press release. 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