Analysis Banking & Finance Late-year flurry of flotations forecast for Gulf Headline figures may suggest the number and combined value of Gulf initial public offerings is ebbing. But a flurry of late-year flotations should enable the 2024 totals to equal or eclipse those of 2023. Demand from investors, especially foreign institutions, for new Gulf IPOs and for greater exposure to the Gulf’s economies, indicates a growing […] October 28, 2024
Finance Saudi financial services operator to list 30% on Tadawul United Electronics Company (eXtra) has announced plans to list a 30 percent stake of its financial unit, United International Holding Company (UIHC), on the main market of the Saudi Exchange (Tadawul). UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator, and Procco Financial Services, which provides payment and loyalty services to the financial […] October 21, 2024
Retail Supermarket major Lulu officially announces IPO UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014. “With GCC retail presenting a $100 billion […] October 21, 2024
Markets Neom-backed robotaxi operator Pony Ai files for US IPO Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than […] October 18, 2024
Analysis Banking & Finance Japanese fund fails to deliver for Gulf investors Eight years ago next week Saudi Arabia became a founding investor in SoftBank’s Vision Fund, pledging $45 billion, and Abu Dhabi soon committed another $15 billion. The creator of the private equity fund, the world’s largest, was Japanese tech guru Masayoshi Son, who, at the time, predicted it would “accelerate the information revolution”. In October […] October 11, 2024
Banking & Finance Largest caterer in UAE gears up for IPO ADNH Catering, which claims to be the UAE’s largest provider of food services, has announced details of a float on the Abu Dhabi Securities Exchange (ADX) that could raise up to $235 million. Abu Dhabi National Hotels Company, the owner of ADNH Catering, will make available 900 million of its shares in the catering company, […] October 7, 2024
Banking & Finance Mubadala-backed Shein courts investors before London IPO Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […] October 4, 2024
Artificial Intelligence Cerebras says success hinges on UAE’s G42 as it prepares for IPO Cerebras Systems trebled its revenue to almost $79 million in 2023, but ahead of its initial public offering the AI chipmaker has warned that its financial growth is heavily tied to its partnership with the UAE’s G42. The company, which is based in California and generated $136.4 million in the first six months of this […] October 2, 2024
Exclusive Leisure & Hospitality Red Sea Global seeks more credit and considers IPO Saudi giga-project Red Sea Global is looking for a second credit facility and may consider an initial public offering by 2030, a senior official said this week. That will come after it has two dozen hotels in operation by the end of next year. “An IPO or real estate investment trust, you tend to begin […] October 2, 2024
Markets Saudi poultry producer gets nod to sell 30% stake in IPO Arabian Company for Agricultural and Industrial Investment (Entaj), a Riyadh-based poultry producer, has received the green light from the Saudi market regulator to list shares on the main market (Tasi). The company will float 9 million shares through an initial public offering (IPO), representing 30 percent of the total issued share capital. The prospectus detailing […] October 2, 2024
Markets Abu Dhabi National Hotels launches IPO of catering unit Abu Dhabi National Hotels (ADNH) said it will float a 40 percent stake in its catering unit, or 900 million shares, on the local stock exchange. The final offer price, determined through a book-building process, will be announced on October 16. The sharia-compliant ADNH Catering shares sold are owned by ADNH, which trades on […] September 30, 2024
Aviation Etihad Airways to invest billions as it prepares for IPO Etihad Airways, the national airline of the UAE, is planning to invest $7 billion over the next five years and to double the size of its fleet by 2030 as it prepares to go public, its chief executive said. Antonoaldo Neves told a conference in Abu Dhabi on Wednesday that the investment is part of […] September 26, 2024
Markets Investors scent riches in Middle East perfume The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […] September 25, 2024
Oil & Gas OQ production unit’s IPO set to raise $2bn OQ Exploration and Production (OQEP), a unit of Oman’s state energy company, OQ, is expected to raise a maximum of OMR780 million ($2.03 billion) from its listing on the Muscat stock exchange. The offering, expected to be the country’s largest IPO, has been priced between 370 and 390 baisas per share with the final price […] September 23, 2024
Finance Egypt to sell United Bank stake next year Egypt’s central bank intends to list the state-run United Bank on the local stock exchange in the first quarter of 2025. The central bank is working to secure approvals from the Financial Regulatory Authority and the Egyptian stock exchange to launch the initial public offering (IPO), the UAE state-run Wam news agency reported. Details of […] September 23, 2024
Analysis Markets Oil IPO is latest step towards Oman’s emerging market status An Omani state oil company’s $2 billion initial public offering will boost the sultanate’s chances of eventually being reclassified as an emerging market by the world’s leading stock index providers. If achieved, Oman’s blue-chips will receive sizeable inflows from passive funds that track the MSCI and FTSE emerging market benchmarks, increasing bourse turnover and likely […] September 20, 2024
Markets Fourth Milling to raise up to $229m from Saudi listing Fourth Milling Company (MC4) has set the price range for its initial public offering (IPO) between SAR5 and SAR5.30 ($1.33-$1.41) per share. The total offering size is expected to be between SAR810 million and SAR858.6 million, indicating a market capitalisation at listing of between SAR2.7 billion and SAR2.8 billion. The company will sell 162 million […] September 16, 2024
Artificial Intelligence Aramco to buy AI chips from Abu Dhabi fund-backed Cerebras Saudi Aramco is to buy advanced semiconductor chips from Cerebras Systems, the Abu Dhabi fund-backed chipmaker aiming to challenge Nvidia’s dominance in the AI arena, as it seeks to boost artificial intelligence in the kingdom. The state-owned energy giant will use Cerebras’ CS-3 chips to build and deploy large language models (LLMs) – computer models […] September 13, 2024
INTERVIEW Oil & Gas Shopping trip for NMDC Energy boss after blockbuster IPO NMDC Energy is looking for merger and acquisition targets after delivering the UAE’s biggest initial public offering of 2024, its CEO has told AGBI. Ahmed Al Dhaheri said the Emirati company, which listed on the Abu Dhabi exchange on Wednesday, would announce “some M&A soon” and was focusing on expansion outside the Gulf. He also […] September 12, 2024
Markets Arabian Mills’ investor IPO tranche attracts $36bn The institutional book-building process for the initial public offering (IPO) of Arabian Mills for Food Products Company (Arabian Mills) has attracted total orders of SAR134 billion ($35.7 billion). The offering was oversubscribed 132 times by local and global investors. The company set the final offer price at SAR66 per share, the top end of the […] September 11, 2024
Oil & Gas OQ to list oil production arm in largest Omani IPO Oman’s state energy company, OQ, is planning to sell up to a quarter of its exploration and production arm, OQEP, through an initial public offering, in what will be the largest IPO in the country’s history. The subscription period is expected to commence this month, while the listing is scheduled for October on the Muscat […] September 9, 2024
Markets Fourth Milling to launch retail IPO next month The two-day retail tranche of the Fourth Milling Company’s (MC4) initial public offering (IPO) will begin on October 2. The company will sell 162 million shares, or 30 percent of its share capital, on the Saudi stock exchange, it said in its prospectus. The price range announcement and institutional book building will commence on September […] September 6, 2024
