{"id":586639,"date":"2023-05-15T00:00:00","date_gmt":"2023-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/not-every-company-is-pushing-their-ipo-plans-in-saudi\/"},"modified":"2023-05-15T00:00:00","modified_gmt":"2023-05-15T00:00:00","slug":"not-every-company-is-pushing-their-ipo-plans-in-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/not-every-company-is-pushing-their-ipo-plans-in-saudi\/","title":{"rendered":"Not every company is pushing their IPO plans in Saudi"},"content":{"rendered":"

This Saudi company just kicked off its micro-IPO:<\/span> Saudi non-bank lender Morabaha <\/span>Marina Financing Company wants to raise up to USD 83.4 mn in its IPO on the Saudi stock exchange, it said in <\/span>a statement (pdf)<\/a><\/span> yesterday announcing the pricing of its shares. The company is selling 21.4 mn shares \u2014 around 30% of the company \u2014- on the Tawadul and has set a price range of SAR 13.0-14.6. <\/span>The final price will be announced next Sunday following the institutional book building process, which kicked off yesterday. The subscription period for individual investors will take place between 28-29 May. The company is yet to disclose when it will start trading on Tadawul. <\/span><\/p>\n

The news comes a day after <\/span>we suggested<\/a><\/span> that the Gulf IPO boom is running out of <\/span>steam<\/span> following news at the weekend that ADES International and Aramco\u2019s energy trading arm are both <\/span>postponing<\/span>their listing plans due to current market conditions. Falling oil prices have taken the air out of last year\u2019s bull run in Riyadh, causing the exchange to fall 16% from its high last May.<\/span><\/p>\n

Did we speak too soon?<\/span> There\u2019s a big difference between Morabaha\u2019s USD 83 mn listing and <\/span>the multi-bn USD share sale expected for Aramco Trading, which reportedly doesn\u2019t feel like that market can currently support such a large IPO. <\/span><\/p>\n

<\/a><\/a><\/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 <\/span><\/p>\n<\/td>\n

\n

17,369<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +19.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.84<\/span><\/p>\n<\/td>\n

\n

Sell 30.96<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,348<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +8.3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,635<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: -5.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,559<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,124<\/span><\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,755<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +4.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,318<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +13.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 74.17<\/span><\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2.27<\/span><\/p>\n<\/td>\n

\n

+3.5%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,019.80<\/span><\/p>\n<\/td>\n

\n

0.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 26,936<\/span><\/p>\n<\/td>\n

\n

0.0<\/span>% (YTD: +62.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.6% at yesterday\u2019s clo<\/span>se<\/span> on turnover of EGP 1.83 <\/span>bn. Local investors were <\/span>net sellers. The index is up 19% YTD.<\/span><\/p>\n

In the green: <\/span>Credit Agricole (+11.1%), ADIB (+8.9%), and CIRA Education (+7.7%).<\/span><\/p>\n

In the red: <\/span>Juhayna (-4.2%), Egypt Kuwait Holding (-3.0%), and Ibnsina Pharma (-2.4%).<\/span><\/p>\n

Asian markets are starting the week in the red this morning<\/span> and oil prices are continuing to <\/span>decline amid concerns about the health of the global economy. US stocks are on course to open lower while European equity futures are currently in the green.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Two large companies last week postponed their IPO plans due to market conditions<\/p>\n","protected":false},"author":1,"featured_media":586640,"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":[72,119,7068,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-morabaha-marina-financing-company","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"ce016cd7-fc3a-4263-863c-4fe93efbfb24","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/801.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi non-bank lender Morabaha kicks off small IPO in Riyadh","related_issue":[586617],"teaser":"Two large companies last week postponed their IPO plans due to market conditions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.6600d9c1-92d1-4c7b-a751-0f3fce0f0dd6.mp3"},"yoast_head":"\nNot every company is pushing their IPO plans in Saudi - 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