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Monday, 29 November 2021

2021 might have set a new IPO record — but that doesn’t mean their shares are performing

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.




-1.3% (YTD: +4.0%)



Buy 15.66

Sell 15.76



Buy 15.66

Sell 15.76


Interest rates CBE

8.25% deposit

9.25% lending




-4.5% (YTD: +24.2%)




-1.8% (YTD: +64.5%)




-5.2% (YTD: +20.7%)


S&P 500


-2.3% (YTD: +22.3%)


FTSE 100


-3.6% (YTD: +9.0%)


Brent crude

USD 72.72



Natural gas (Nymex)

USD 5.48




USD 1,788




USD 56,491

+3.3% (as of midnight)


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%).

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.