Agility Global shares pop on the first day of trading: Shares in Kuwaiti logistics outfit Agility subsidiary Agility Global closed up 327% on their trading debut on the ADX yesterday, according to market data. Trading under the ticker AGILITY, the company had set the reference price for its shares at AED 0.37 apiece. Agility Global’s shares closed at AED 1.58 apiece, giving it a market cap of AED 16.46 bn.

ICYMI- Agility received approval from the Abu Dhabi Securities Exchange (ADX) to move forward with a technical listing of Agility Global, its operations and assets management unit, on the Abu Dhabi bourse earlier this week. Agility’s board approved last month an in-kind dividend distribution of some KWD 800 mn (USD 2.6 bn), representing 49% of the issued share capital of Agility Global. Following the distribution, Agility — which is listed both on the DFM and the Kuwait Stock Exchange — will remain the controlling shareholder with a 51% stake in Agility Global.

Technical listing? A technical listing means the company’s shares have been made tradeable on the bourse, without an offering of equity (primary or secondary) arranged by existing shareholders prior to the listing. This simply makes it possible for shareholders pre-transaction to start offering shares for sale to other investors via the ADX.

This marks the UAE’s second listing of the year, following Parkin’s AED 1.57 bn IPO on the DFM in March. Spinneys is set to follow soon on the DFM next Thursday, after raising AED 1.38 bn in an oversubscribed book building process.

Advisors: Agility tapped BHM Capital as a liquidity provider for its shares, the company said in an ADX disclosure (pdf).

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