Will Reddit’s blockbuster IPO signal the start of a rally? Some bankers expect an uptick in companies looking to list in the United States as they follow in the footsteps of social media platform Reddit, whose shares climbed 48% following its blowout IPO, the Financial Times reports. The listings would revitalize an IPO market that has been sluggish since 2021 and provide relief to private equity firms, which typically depend on IPOs to exit investments.

BACKGROUND- Reddit’s IPO raised some USD 748 mn after it priced its listing at the top ofthe range in an IPO that was 5x oversubscribed.

The European IPO market is on the up, too: A series of European companies have recently seen their shares jump following their stock market debuts. These include German military gearbox manufacturer Renk, Athens International Airport, and Swiss pharma company Galderma, whose shares gained 21% on Friday.

Also making a case for an IPO boom: The stock market's recent rally and more optimisticforecasts for US economic growth by the US Federal Reserve have also stoked confidence in an IPO revival.

TASI

12,836

+0.8% (YTD: +7.3%)

MSCI Tadawul 30

1,617

+1.1% (YTD: +4.3%)

NomuC

27,362

+0.5% (YTD: +11.6%)

USD : SAR (SAMA)

3.75 Sell

3.75 Buy

Interest rates

6.5% repo

5.5% reverse repo

EGX30

29,055

+1.6% (YTD: +16.7%)

ADX

9,322

+0.4% (YTD: -2.7%)

DFM

4,280

+0.1% (YTD: +5.4%)

S&P 500

5,234

-0.1% (YTD: +9.7%)

FTSE 100

7,931

+0.6% (YTD: +11.2%)

Euro Stoxx 50

5,031

-0.4% (YTD: +11.3%)

Brent crude

USD 85.4

-0.4%

Natural gas (Nymex)

USD 1.66

-1.4%

Gold

USD 2,181.6

-1.1%

BTC

USD 65,380

+2.8% (YTD: +136%)

THE CLOSING BELL: TADAWUL-

The TASIrose 0.8% on Thursday on turnover of SAR 9 bn. The index is up 7.3% YTD.

In the green: Saudi Steel Pipe (+9.9%), Saudi Cable (+9.9%) and Chubb (+9.1%).

In the red: Saudi Printing and Packaging (-6.7%), Saudi Chemical (-6.3%) and Malath Ins. (-6.2%).

THE CLOSING BELL: NOMU-

The NomuCrose 0.5% on Thursday on turnover of SAR 67 mn. The index is up 11.6% YTD.

In the green: Riyadh Steel (+7.2%), Mayar (+4.5%) and Banan (+4.4%).

In the red: Group Five (-6.3%), Leen Alkhair (-6.2%) and Tadweeer (-5.2%)

CORPORATE ACTIONS-

Sadr Logistics BoD has decided not to recommend the distribution of dividends for 2023, it said in a disclosure to Tadawul.

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