The appetite for Gulf IPOs is still strong: Saudi Arabia’s Modern Mills for Food Products IPOfor 30% of the company is 127x oversubscribed, it said in a statement (pdf). In total, institutional investors submitted bids worth SAR 150 bn (USD 40 bn) for the flour milling company’s public offering. The milling company is taking 24.5 mn shares to market — representing 30% of the company — in a SAR 1.2 bn market debut.

The company priced its IPO at SAR 48 apiece, giving it a valuation of SAR 3.9 bn (USD 1.0 bn).

What’s next: Individual investors will have a two-day window starting Tuesday to place their orders for a maximum of 10% of the offered shares — 2.5 mn shares — according to the prospectus (pdf).

BTC broke above the USD 60k mark yesterday for the first time since November 2021 and has already climbed by over 40% since the start of this year, fuelling hopes that the cryptocurrency is gaining appeal among investors in traditional assets, Bloomberg noted.

Asian markets have followed Wall Street down this morning: The Kospi and Nikkei are solidly in the red, while shares in Hong Kong and Shanghai are trading sideways. We’re looking at a weak opening in Europe, and over on Wall Street, stock futures fell as traders “weighed the latest earnings results and looked ahead to the Federal Reserve’s favored inflation gauge,” which is due out this morning, CNBC writes.

ADX

9,283

-0.5% (YTD: -3.1%)

DFM

4,290

+0.4% (YTD: +5.7%)

Nasdaq Dubai UAE20

3,757

-0.2% (YTD: -2.2%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.2% o/n

5.3% 1 yr

TASI

12,611

+0.1% (YTD: +4.5%)

EGX30

28,876

-1.1% (YTD: +16%)

S&P 500

5,070

-0.2% (YTD: +6.3%)

FTSE 100

7,625

-0.8% (YTD: -1.4%)

Euro Stoxx 50

4,884

0.0% (YTD: +8.0%)

Brent crude

USD 83.68

+0.0%

Natural gas (Nymex)

USD 1.87

-0.9%

Gold

USD 2,043.70

+0.1%

BTC

USD 60,514.15

+6.8% (YTD: +42.9%)

THE CLOSING BELL-

The DMF rose 0.4% yesterday on turnover of AED 408.7 mn. The index is up 5.7% YTD.

In the green: Union Properties (+14.7%), Orascom Construction (+10.0%) and Dubai National Insurance & Reinsurance (+4.4%).

In the red: Al Mal Capital REIT (-10.0%), Shuaa Capital (-10.0%) and Islamic Arab Ins. Company (-6.1%).

Over on the ADX, the index closed down 0.5% on turnover of AED 973.5 mn. Meanwhile Nasdaq Dubai closed down 0.2%.

CORPORATE ACTIONS-

IHC now owns one third of Q Holding: IHC Real Estate, a subsidiary of the International Holding Company (IHC), has transferred 49% of its stake in Modon Properties to Q Holding, according to an ADX filing (pdf). In exchange for the transfer, IHC Real Estate now owns 33.07% of Q Holding, the statement reads.

REMEMBER- Q Holding changed its name to Modon Holding earlier this week, and is now using Modon as its trade name.

Dubai-based decarbonization firm Positive Zero has a new visual identityafter its clean energy and mobility subsidiaries, SirajPower, Taka Solutions, and HYPR Energy, were consolidated into one entity under the Positive Zero platform, Wam reports.

DIVIDEND PAYOUTS-

#1- Dubai Islamic Bank is paying AED 3.25 bn in dividends for 2023, it said in an DFMfiling (pdf).

#2- Emirates Driving Company’s board of directors proposed to distribute dividends of 71 fils per share for its earnings for FY2023, the company said in an ADX disclosure (pdf).

#3- Abu Dhabi National Hotels is paying out AED 240 mn in dividends, as well as 5% bonus shares amounting to AED 60 mn of its share capital, for 2023, according to an ADX disclosure (pdf),

#4- Unikai Foods is offering shareholders 20% bonus shares as dividends for 2023, according to a DFM disclosure (pdf).

#5- Emirates Ins. Company’s board agreed to pay dividends of 55 fils per share, according to an ADX disclosure (pdf).

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