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Thursday, 14 October 2021

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.

Up

EGX30

10881

+0.9% (YTD: +0.3%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

11,625

+0.7% (YTD: +33.8%)

Down

ADX

7,786

-0.01% (YTD: +54.3%)

Up

DFM

2,789

+0.06% (YTD: +11.9%)

Up

S&P 500

4,364

+0.3% (YTD: 16.2%)

Up

FTSE 100

7,142

+0.2% (YTD: 10.6%)

Down

Brent crude

USD 83.34

-0.1%

Up

Natural gas (Nymex)

USD 5.59

+1.5%

Up

Gold

USD 1,794.70

+2%

Up

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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