EV IPOs to raise USD 100 bn by 2023, says Bank of America
Electric vehicle-related IPOs could raise some USD 100 bn by the end of 2023, according to Bank of America Corp, Bloomberg reported. With investors betting on growing demand for cleaner cars, EV-makers have become stock market darlings, and BofA predicts the sector will see growing investments in the EV space spanning batteries to charging cars, with companies both spinning off units and going public. The largest IPO of 2021 was electric-truckmaker Rivian, which became the world’s third most valuable automaker despite no revenues booked so far, while industry leader Tesla almost doubled in value over the past year.
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EGX30 |
11,431 |
+0.7% (YTD: +5.4%) |
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USD (CBE) |
Buy 15.66 |
Sell 15.76 |
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USD at CIB |
Buy 15.66 |
Sell 15.76 |
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Interest rates CBE |
8.25% deposit |
9.25% lending |
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Tadawul |
11,299 |
-0.6% (YTD: +30.0%) |
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ADX |
8,454 |
+0.7% (YTD: +67.6%) |
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DFM |
3,170 |
+0.4% (YTD: +27.2%) |
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S&P 500 |
4,595 |
-2.3% (YTD: +22.3%) |
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FTSE 100 |
7,044 |
-3.6% (YTD: +9.0%) |
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Brent crude |
USD 72.72 |
-11.6% |
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Natural gas (Nymex) |
USD 5.48 |
+7.1% |
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Gold |
USD 1,788.10 |
+0.1% |
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BTC |
USD 54,673 |
+0.9% (as of midnight) |
THE CLOSING BELL-
The EGX30 rose 0.7% at Thursday’s close on turnover of EGP 1.1 bn (26.5% below the 90-day average). Regional investors were net buyers. The index is up 5.4% YTD.
In the green: Heliopolis Housing (+8.8%), TMG Holding (+6.4%) and Rameda (+5.7%).
In the red: Cleopatra Hospital (-1.5%), Speed Medical (-1.3%) and CIB (-0.7%).