EFG Hermes wraps up advisory on Boursa Kuwait IPO: EFG Hermes’ investment banking division acted as joint bookrunner on a USD 323m private placement for Ali Alghanim and Sons Automotive Company ahead of its IPO on the Kuwaiti stock exchange, EFG announced in a statement (pdf). The transaction is EFG’s first in Kuwait as joint bookrunner.

The sale marks the Kuwaiti bourse’s first IPO in two years: “The fact that our first listing in Kuwait will also be the first IPO to come out of the market since 2020 is proof positive of the traction we’ve built in the GCC,” said Mohamed Abou Samra, managing director at EFG Hermes’ investment banking division.

Kuwait has largely sat out the Gulf IPO boom that has put the region on course for a record first half of the year, having already raised more than USD 11.4 bn so far. Surging oil prices and foreign inflows have protected the energy-rich region from the turbulence that has threatened listings in other parts of the world.

THE CLOSING BELL-

The EGX30 fell less than 0.1% at yesterday’s close on turnover of EGP 540 mn (35.5% below the 90-day average). Foreign investors were net sellers. The index is down 16.4% YTD.

In the green: Madinet Nasr Housing and Development (+5.1%), Mopco (+2.3%) and Palm Hills Development (+1.8%).

In the red: Ibnsina Pharma (-2.8%), MM Group (-1.5%) and Cleopatra Hospitals (-1.3%).

Asian markets are largely in the red in early trading this morning, and futures suggest a similar fate for Wall Street when it opens later today. The picture is looking a little more mixed over in Europe, though the Euro Stoxx 500 and FTSE 100 both look set to open down.