2PointZero’s strategic-investment SPV Sagasse will start trading on the ADX today

Shares of Sagasse Investment will debut on the ADX’s Growth Market today through a direct listing, the bourse said in a statement (pdf). The 2PointZero-owned strategic-investment SPV set a reference price of AED 7.50, with shares to trade without limits for the first three sessions before standard caps kick in. The last companies to list directly on the ADX were Mair Group and Agility Global.

SOUND SMART- The ADX Growth Market allows companies to debut on the exchange through direct or technical listings, where existing shares are admitted to trading and priced according to supply and demand. A reference price is set for the first session to track performance, but the process does not involve bookbuilding or underwriters.

Glimpse into its earnings: Sagasse Investments reported USD 312.8 mn in net income in 2023, according to its financials (pdf). The company booked USD 325.4 mn in interest income against USD 3.6 mn in expenses.

REMEMBER- 2PointZero is lining up its own IPO on the ADX. In February, IHC-backed 2PointZero’s CEO Maryam Almehri said the firm was looking to go public as early as this year. IHC is also lining up other units, including International Technology Holding (ITH) and Sirius International Holding, for possible debuts on the exchange. ITH was said to potentially hit the bourse last year, while Sirius was planned for a listing in 2025.