Finance NMDC oversubscribed 31 times as it lists on Abu Dhabi exchange The initial public offering of NMDC Energy on the Abu Dhabi Securities Exchange generated AED88 billion ($23.96 billion) in gross demand, oversubscribing by 31.3 times. A total of 1.15 billion shares, representing 23 percent of NMDC Energy’s total share capital, were offered at AED2.8 per share. The IPO was oversubscribed within hours of its launch […] September 6, 2024
Markets Three banks shortlisted for Talabat’s Dubai listing Three banks have been picked to proceed with the proposed listing of food delivery service Talabat on the Dubai Financial Market. Emirates NBD Bank, Morgan Stanley and JPMorgan Chase & Co. will work on the initial public offering (IPO), Bloomberg reported, citing sources familiar with the matter. However, the sources said that final decisions on […] September 4, 2024
Finance Saudi perfumer to raise $188m from 30% stake sale Al Majed for Oud Co priced its initial public offering (IPO) on the Saudi stock exchange at SAR94, the top of its indicative price range announced last week. The Riyadh-based perfume and oud products manufacturer will raise SAR705 million ($188 million) by selling 7.5 million shares, or a 30 percent stake. The institutional book-building phase was oversubscribed by 156.5 times, the […] September 4, 2024
Finance NMDC Energy’s IPO oversubscribed 14 times The initial public offering (IPO) of NMDC Energy, the wholly owned subsidiary of NMDC Group, has been oversubscribed 14 times by day four of its subscription period. The subscription commenced on August 30 and will close on September 4. Shares of NMDC Group, which trades on the Abu Dhabi Securities Exchange (ADX), jumped more than 9 percent on […] September 3, 2024
Markets Arabian Mills to raise up to $271m from Saudi listing Arabian Mills for Food Products Company (Arabian Mills) has set the price range for its initial public offering (IPO) between SAR62 and SAR66 ($16.52-$17.59) per share, raising between SAR954 million and SAR1.02 billion. Market capitalisation will range between SAR3.2 billion and SAR3.4 billion on listing. The institutional book-building period commenced on September 1 and will […] September 2, 2024
Food & Drink Talabat food delivery service prepares for Dubai IPO The food delivery company Talabat is to list on the Dubai Financial Market this year, 20 years after it was founded. The business, which operates in eight countries across the Middle East and North Africa, will pursue an initial public offering in the fourth quarter, according to a filing on the Frankfurt Stock Exchange from […] August 29, 2024
Markets NMDC Energy to raise $877m from Abu Dhabi listing NMDC Group expects to raise AED3.22 billion ($877 million) when its wholly-owned energy subsidiary lists next month on the Abu Dhabi Securities Exchange (ADX). The initial public offering of NMDC Energy, an engineering, procurement, and construction contractor for energy projects, will consist of 1.15 billion shares at AED2.8 per share. The shares are expected to begin […] August 29, 2024
Markets Arabian Mills to float 30% of its stake on Saudi bourse Arabian Mills for Food Products Company (Arabian Mills) will sell 15.4 million shares, or 30 percent of its share capital, on the Saudi stock exchange. The sale comprises existing shares by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al-Rajhi International Company, and National Agricultural Development Company (NADEC). […] August 22, 2024
Markets Saudi perfume maker to list 30% stake Al Majed for Oud Company, a $200 million perfume and oud products manufacturer, intends to float 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. The final IPO price will be determined after the book-building process, which will run from August 25 to 29. The retail offering will be for one day on September 15, comprising […] August 19, 2024
Banking & Finance Gulf IPOs raise 45% more in Q2 than last year The money raised in IPOs in the Gulf region soared in the second quarter of the year, with 14 deals worth a total of $2.64 billion struck in the healthcare, education and technology sectors. The number of IPOs rose only slightly year on year, from 13 listings in the second quarter of 2023, but proceeds […] August 13, 2024
EXCLUSIVE Leisure & Hospitality RAK Properties considering hospitality IPO RAK Properties, Ras Al Khaimah’s largest publicly listed property developer, is assessing a separate stock market float for its rapidly growing hospitality business, its CEO Sameh Muhtadi told AGBI. The company, which trades on the Abu Dhabi Securities Exchange, is expanding its hotel portfolio and says it has letters of intent from two major hotel […] August 5, 2024
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Finance Egypt to float Suez Canal subsidiary next year Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […] July 17, 2024
Markets Abu Dhabi National Hotels hires banks for catering unit IPO Abu Dhabi National Hotels, which trades on the Abu Dhabi stock exchange, has appointed banks to work on the initial public offering of its catering business, according to a news report. Citigroup and First Abu Dhabi Bank will oversee on the flotation of ADNH Catering, raising between $300 million and $400 million, Bloomberg reported, citing […] July 17, 2024
Analysis Markets Healthcare sector props up Gulf IPOs in 2024 The healthcare sector has emerged as a significant contributor of initial public offerings in the Gulf region during the first half of 2024, according to a report by the Kuwait Financial Centre, known as Markaz. This comes despite an overall decline in new listings. However, Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company cancelled its […] July 16, 2024
Real Estate Omani fund targets commercial assets after IPO Jabal Real Estate Investment Fund has targeted a swathe of commercial assets in Oman after officially listing on the Muscat Stock Exchange. The company, which has a capital portfolio of OR17 million ($45 million), is considering an office building and a warehousing complex in the sultanate. No further details were given, although both properties boast […] July 11, 2024
Finance Hong Kong’s Animoca considers Gulf bourses Animoca Brands, a major Web3 and crypto gaming company valued at nearly $6 billion, is considering a public listing in 2025, with the Gulf and Hong Kong as potential venues. The company’s investors include heavyweights such as Singapore’s Temasek Holdings and the Saudi Arabia government’s Neom project, which injected $50 million into it last year. […] July 5, 2024
EXCLUSIVE Markets Hajj company to float in Saudi – with London listing to follow Saudi Arabia’s Ithraa Alkhair Company for Pilgrims Services, a licensed provider of Hajj services for non-Arab African pilgrims, is preparing to launch the first IPO in the kingdom’s religious tourism sector. The company, part of the Ithraa Group, will float an 11 percent stake to institutional investors on the Nomu parallel market, chairman Dr Ahmed […] July 5, 2024
Video length: 05:09 VIDEO Markets Dubai and Abu Dhabi need some IPO diversity “You want your capital markets to be a mirror of your economy on the ground,” says Saad Chalabi, CEO of brokerage platform xCube. In the UAE, however, that has not been the case. The markets in Dubai and Abu Dhabi are “mostly real estate and banking in terms of weight”, though more oil, utilities and […] July 4, 2024
EXCLUSIVE Markets Gulf IPOs: what companies must do to go public Owners of private Gulf companies mulling going public should ensure their businesses have a compelling narrative to tell investors and clear separation between shareholders and management, according to the chief financial officer of Dubai-based retailer Spinneys. In May the supermarket chain became the first company registered in the offshore Dubai International Finance Centre (DIFC) to […] July 3, 2024
Opinion Economy UAE economic report: good, but can do even better Equity markets and inflation require some extra effort July 1, 2024
Markets Fourth Milling to offload 30% in IPO on Saudi bourse Saudi Arabia’s market regulator has approved the flotation of another milling company on the local bourse. Fourth Milling Company (MC4) will sell 162 million shares, or 30 percent of its share capital, through an initial public offering (IPO). The approval is valid for six months and will be deemed cancelled if the offering and listing […] June 27, 2024
