Saudi stock exchange to raise up to USD 1 bn in upcoming IPO
The company that owns Saudi’s Tadawul stock exchange is set to raise up to USD 1.01 bn in its upcoming IPO, according to a statement (pdf) by the operator. The Riyadh-based bourse plans to sell a 30% stake (equivalent to 36 mn shares), setting an indicative price range of SAR 95-105 per share, which could make it the largest stock exchange IPO since Euronext NV’s USD 1.2 bn listing, Bloomberg reports. Tadawul’s plans to list had been on hold since 2016, as it set out to increase access for foreign investors and list oil giant Aramco in the world’s biggest IPO. The news comes amid a global IPO boom, which saw a record USD 600 bn raised this year, with Saudi Arabia leading the pack in the region with bumper listings from companies like Acwa Power and Saudi Telecom.
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THE CLOSING BELL-
The EGX30 fell 0.6% yesterday on turnover of EGP 547.6 mn (62.7% below the 90-day average). Local investors were net sellers. The index is up 3.9% YTD.
In the green: Eastern Company (+0.9%), EFG Hermes (+0.9%) and Credit Agricole Egypt (+0.1%).
In the red: Speed Medical (-6.8%), Raya Holding (-4.4%) and GB Auto (-3.7%).