Half of this year’s large IPOs aren’t doing so great: Despite smashing global records this year, half of the 2021’s major IPOs are now trading in the red even after US stocks hit new record highs, the Financial Times writes. Dealogic data shows that of the 43 companies to have raised more than USD 1 bn this year, 49% are now trading below their issuance prices, raising questions about the valuations produced by underwriters and large investors.

Putting that figure into perspective: Only 33% of 2019’s big IPOs were trading below issuance prices a year after their debut, while only 27% of 2020’s big IPOs were in that position.

Best of the worst: Indian fintech firm Paytm had one of the worst debuts in the country’s history, falling more than 40% in its first two days trading. UK food delivery startup Deliveroo remains below its issuance price after becoming one of the UK’s most disastrous IPOs in March, falling 26% on its first day.

Saudi Tadawul Group sets share price at SAR 105 ahead of IPO: The Saudi stock market has completed its book-building process, setting its price at SAR 105 per share, valuing the bourse at SAR 12.6 bn, the company’s financial advisor SNB Capital said in a regulatory filing yesterday. At SAR 105 per share, the bourse could raise up to USD 1 bn for the Public Investment Fund, the exchange’s only shareholder. The group had initially set the price per share between SAR 95-105, only to settle on the higher end after the offering was 121x oversubscribed.

THE CLOSING BELL-

The EGX30 fell 1.3% yesterday on turnover of EGP 775 mn (46.6% above the 90-day average). Foreign investors were net sellers. The index is up 4.0% YTD.

In the green: Rameda (+3.1%), Mopco (+1.1%) and Heliopolis Housing (+0.9%).

In the red: Orascom Development Egypt (-5.9%), AMOC (-5.1%) and Pioneers Properties (-4.1%).