{"id":639752,"date":"2024-08-14T00:00:00","date_gmt":"2024-08-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/a-recap-of-the-regions-ipo-activity-over-the-last-quarter\/"},"modified":"2024-08-14T00:00:00","modified_gmt":"2024-08-14T00:00:00","slug":"a-recap-of-the-regions-ipo-activity-over-the-last-quarter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/14\/a-recap-of-the-regions-ipo-activity-over-the-last-quarter\/","title":{"rendered":"A recap of the region\u2019s IPO activity over the last quarter"},"content":{"rendered":"

MENA IPO activity raised some USD 2.6 bn last quarter:<\/strong> IPO proceeds in the MENA region climbed 45.3% y-o-y to USD 2.64 bn in 2Q 2024 as IPO activity was buoyed by increased liquidity spurred by higher oil prices and positive market sentiment, according to an EY press release<\/a> dissecting its MENA IPO Eye report. The proceeds were raised across 14 listings \u2014 up from the 13 listings regional bourses saw in the same period last year \u2014 in Saudi Arabia, UAE, and Kuwait.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

KSA captured some 60% of the pie:<\/strong> Eleven out of the 14 listings that took place in the region during the quarter were in Saudi Arabia. The listing raised a combined USD 1.6 bn \u2014 c. 60% of the region\u2019s proceeds from IPO activity. The IPO of Fakeeh Care Group<\/a> raised the lion\u2019s share with USD 764 mn, followed by Saudi Manpower Solutions Company (SMASCO) at USD 240 mn and Rasan Information Technology Company at USD 224 mn. Five companies \u2014 including the top three contributors \u2014 listed on the Tadawul main market, while the other six IPOed on Nomu.<\/p>\n

The UAE came in second:<\/strong> The UAE saw two IPOs over the last quarter \u2014 Alef Education<\/a>Consultancy<\/a> and Spinneys<\/a> raised a combined USD 890 mn from their IPOs after listing on the Abu Dhabi Securities Exchange and the Dubai Financial Market, respectively. <\/p>\n

Kuwait saw its first listing following a dry spell:<\/strong> Kuwait\u2019s Beyout Investment Group raised USD 147 mn from taking a 30% stake to the Kuwait Stock Exchange in June, marking the country\u2019s first IPO since 2019<\/a>.<\/p>\n

Where are they now? <\/strong>\u201cEight out of the 14 MENA IPOs listed in Q2 2024 had shown a positive return as of the 30 June share price in comparison with their IPO price, with [the Saudi] Miahona Company achieving the highest gain of 90.4% within the period,\u201d the release said. <\/p>\n

AT HOME- <\/strong>While Egypt saw no IPOs during the quarter, local bus service provider GoBus got the greenlight to IPO, according to the report. Earlier this year, CEO Fady Nassif announced<\/a> the company\u2019s plans to list 30% of its shares on the EGX within the next two years. We saw our first IPO of the year in July, when investment management firm Act Financial took a 32% stake to market<\/a>. <\/p>\n

\n

\n

OIL WATCH- Global oil demand to slow: <\/strong>The International Energy Agency maintained<\/a> its oil demand growth forecast for this year but trimmed its 2025 forecast to 950k bpd \u2014 down 30k bpd from last month\u2019s forecast \u2014 pointing to a slowdown in China. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mixed in early trading this morning<\/strong>, with the Nikkei and Kospi up and the Hang Seng and Shanghai Composite in the red. Futures for major US equities benchmarks were mostly unchanged overnight. <\/p>\n

<\/a><\/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

29,331<\/p>\n<\/td>\n

\n

-1.3% (YTD: +17.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.31<\/p>\n<\/td>\n

\n

Sell 49.44<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.3<\/p>\n<\/td>\n

\n

Sell 49.4<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,797<\/p>\n<\/td>\n

\n

+0.5% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,175<\/p>\n<\/td>\n

\n

-0.4% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,185<\/p>\n<\/td>\n

\n

-0.4% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,434<\/p>\n<\/td>\n

\n

+1.7% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,235<\/p>\n<\/td>\n

\n

+0.3% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,695<\/p>\n<\/td>\n

\n

+0.5% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 80.69<\/p>\n<\/td>\n

\n

-2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.15<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2,506<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 60,985<\/p>\n<\/td>\n

\n

+3.4% (YTD: +44.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (12.7% above the 90-day average). Local investors were the sole net buyers. The index is up 17.8% YTD.<\/p>\n

In the green: <\/strong>EFG Holding (+1.5%), B Investments (+0.5%), and Cleopatra Hospitals (+0.4%).<\/p>\n

In the red: <\/strong>Elsewedy Electric (-6.4%), Ezz Steel (-4.6%), and Eastern Company (-2.4%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

B Investments will pay out a dividend of USD 0.02 per share<\/strong> on its 2023 earnings, the company said in an EGX disclosure (pdf)<\/a>. Dividends will be paid out on 29 August.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia led IPO activity in the region during 2Q 2024<\/p>\n","protected":false},"author":1,"featured_media":639753,"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":[72,119,78,122,219,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-planet-finance","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"8e0995d7-b007-429d-82c7-97f700cf16cb","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1218.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A 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