{"id":611149,"date":"2023-12-03T00:00:00","date_gmt":"2023-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/dubai-taxi-ipo-more-than-130x-oversubscribed\/"},"modified":"2023-12-03T00:00:00","modified_gmt":"2023-12-03T00:00:00","slug":"dubai-taxi-ipo-more-than-130x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/03\/dubai-taxi-ipo-more-than-130x-oversubscribed\/","title":{"rendered":"Dubai Taxi IPO more than 130x oversubscribed"},"content":{"rendered":"

Everyone wants to get a piece of Dubai Taxi: <\/strong>State-owned Dubai Taxi\u2019s USD 315 mn<\/a>IPO<\/a> for 25% of the company set to take place today is more than 130x oversubscribed, reported the Dubai Media Office<\/a>. In total, investors submitted bids worth AED 150 bn (USD 41 bn) for the emirate\u2019s first privatization in over a year.<\/p>\n

Two records with one stone: <\/strong>The USD 315 mn offering marks the most oversubscribed offering that Dubai has ever had, according to Bloomberg<\/a>.<\/p>\n

ICYMI- The IPO hype is definitely not over in the GCC<\/strong>: While US and EU investor enthusiasm for IPOs has dropped<\/a> off a cliff after huge after share prices of recently floated companies like Instacart begin trading<\/a> way below their listing price in a matter of weeks, it\u2019s a different story in the GCC. Over the past few months, we saw Oman hold its largest ever IPO with state-owned gas pipeline operator OQ Gas Networks raising<\/a> USD 749 mn along with regional oil and gas services giant ADES Holding<\/a>, and Saudi car rental firm Lumi<\/a> making their Tadawul debuts to overwhelming investor interest.<\/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 <\/strong><\/p>\n<\/td>\n

\n

24,735<\/p>\n<\/td>\n

\n

-0.1% (YTD: +69.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.83<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

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

\n

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

\n

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

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

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,177<\/p>\n<\/td>\n

\n

+0.7% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,539<\/p>\n<\/td>\n

\n

-0.2% (YTD: -6.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

D<\/strong>FM<\/strong><\/p>\n<\/td>\n

\n

3,988<\/p>\n<\/td>\n

\n

-0.1% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,595<\/p>\n<\/td>\n

\n

+0.6% (YTD: +19.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,529<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

4,419<\/p>\n<\/td>\n

\n

+0.8% (YTD: +16.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 78.88<\/p>\n<\/td>\n

\n

-2.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.81<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,089.70<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 39,422<\/p>\n<\/td>\n

\n

+1.5% (YTD: +139.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.6% at Thursday\u2019s close<\/strong> on turnover of EGP 4.1 bn (39% above the 90-dayaverage). Regional investors were net sellers. The index is up 68.7% YTD.<\/p>\n

In the green: <\/strong>Orascom Development Egypt (+9.9%), Amoc (+3.7%) and Qalaa Holdings (+3.3%).<\/p>\n

In the red: <\/strong>TMG Holding (-3.3%), EFG Holding (-1.6%) and Eastern Company (-1.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Investors submitted bids worth a total of USD 41 bn<\/p>\n","protected":false},"author":1,"featured_media":611150,"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":[1],"tags":[102,163,11770,72,119,78,1260,122,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-capital-markets","tag-dubai","tag-dubai-taxi-company","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-mena-ipos","tag-planet-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"6eb92472-35fd-4717-8746-76f722a6d03f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/15.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai Taxi IPO more than 130x oversubscribed","related_issue":[611116],"teaser":"Investors submitted bids worth a total of USD 41 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.02cedcec-61bb-4528-9af7-10eeacfc568a.mp3"},"yoast_head":"\nDubai Taxi IPO more than 130x oversubscribed - 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