Subscription period for Sawiris-backed Fertiglobe IPO kicks off
Subscription period for Sawiris-backed Fertiglobe IPO kicks off: Nitrogen fertilizer company Fertiglobe — a joint venture between Abu Dhabi National Oil Co. and Nassef Sawiris’ OCI — kicked off the subscription period for its forthcoming IPO yesterday, according to CNBC Arabia. The company is offering a 13.8% stake (1.1 mn shares), with an indicative price range set at AED 2.45-2.65 per share, putting its initial valuation at somewhere between USD 5.5 bn to USD 6 bn. Banking sources said that Fertiglobe aims to raise around USD 750 mn in its bourse debut, which is expected to be one of Abu Dhabi’s largest ever IPOs. Fertiglobe first announced plans to offer a 13.8% stake in the joint venture on the ADX earlier this month, and early estimates have valued the company around USD 7 bn.
Advisors: Citigroup, First Abu Dhabi Bank, HSBC Bank Middle East and Morgan Stanley have been appointed as joint global coordinators. EFG Hermes UAE, Goldman Sachs and International Securities have been appointed as joint bookrunners.
The US Is now the world’s largest cryptocurrency mining hub, after Chinese authorities banned the practice in their country earlier this year due to environmental and risk concerns, data from the Cambridge Centre for Alternative Finance shows, according to the Financial Times. China’s share of the global hashrate — a term for the computing power required to mine crypto — fell from 44% to 0% between May and July, while the US’ spiralled to 35% from only 17% before the ban.
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EGX30 |
10881 |
+0.9% (YTD: +0.3%) |
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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 |
11,625 |
+0.7% (YTD: +33.8%) |
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ADX |
7,786 |
-0.01% (YTD: +54.3%) |
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DFM |
2,789 |
+0.06% (YTD: +11.9%) |
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S&P 500 |
4,364 |
+0.3% (YTD: 16.2%) |
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FTSE 100 |
7,142 |
+0.2% (YTD: 10.6%) |
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Brent crude |
USD 83.34 |
-0.1% |
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Natural gas (Nymex) |
USD 5.59 |
+1.5% |
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Gold |
USD 1,794.70 |
+2% |
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BTC |
USD 57,558.46 |
+3% (as of midnight) |
THE CLOSING BELL-
The EGX30 rose 0.9% yesterday on turnover of EGP 1.13 bn (25% below the 90-day average). Foreign investors were net sellers. The index is up 0.3% YTD.
In the green: Fawry (+6.4%), AMOC (+5.1%) and Mopco (+2.8%).
In the red: Aspire Capital (-9.5%), Pioneers Properties (-6.3%) and Gadwa Industrial Development (-6.3%).
Asian markets are largely in the green this morning after shares on Wall Street snapped yesterday a three-day losing streak. Futures suggest both US and European shares should open in the green later today.