So. Much. News. From M&A to IPO, it’s been a busy 24 hours in across the Mideast:

#1- IPO WATCH- Healthcare giant PureHealth to list on the ADX in December: PureHealth, a unit of Abu Dhabi’s IHC, is set to go public on the Abu Dhabi Securities Exchange (ADX) in December, the company said in a statement. The transaction is still pending regulatory approvals and there are no reports as to the potential size and valuation of the stake on offer. It’s unclear who has been retained to quarterback the transaction, but Royal Group’s Chimera was said to have been leading a previous exploration of an offer.

It’s been in the pipeline for a while now: IHC has explored an IPO for PureHealth in both 2021 and 2022. The company is majority owned by IHC and wealth fund ADQ, both of which are chaired by UAE national security advisor Sheikh Tahnon bin Zayed Al Nahyan.

#2- IPO WATCH- State-owned Dubai Taxi Corporation’s offering of offering up 25% of the company on the DFM was oversubscribed within the first hour of opening yesterday, Bloomberg reports. The offering could fetch as much as AED 1.2 bn (SAR 1.23 bn). Its bankers, including Citi, Emirates NBD, and Merrill Lynch, are expected to price the IPO a by Thursday, 30 November.

#3- IPO WATCH- Crypto miner Phoenix Group’s IPO on the Abu Dhabi Exchange was 33x oversubscribed, Coinbase reports. Phoenix shareholders are looking to sell c. 18% of the company in a USD 368 mn transaction.

#4- M&A WATCH- OSN+ and Anghami will merge, creating the Mideast’s largest streaming service in a bid to fend off global competitors including Netflix, Disney+, Apple Music, and Spotify. OSN Group will inject some USD 50 mn into Eddy Maroun’s Anghami, becoming majority shareholder as it pays USD 3.65 per share, or about 3.9x the stock’s average price for the past month, the two said in a statement.

The combined entity will have more than 120 mn registered users, with 2.5 mn of them being paid subscribers, and revenues of USD 100 mn, according to a joint statement.

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THE CLOSING BELL-

The TASI rose 0.09% yesterday on turnover of SAR 5.54 bn (x.xx% above the 90-day average). The index is up 6.21% YTD.

In the green: EIC (+8.7%), Al Saif Gallery (+5.4%) and Al Omran (+4.2%).

In the red: MIS (-3%), FIPCO (-2.9%) and SIPCHEM (-2.6%).

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