Back to the complete issue
Monday, 19 September 2022

The US tech IPO market hasn’t been doing this badly since the 1990s

The US tech IPO market hasn’t been doing this badly since the 1990s: The 2022 market sell-off is proving worse for US tech IPOs than either the 2008 financial crisis and the dot-com bust, according to Morgan Stanley research picked up by the Financial Times. Wednesday will be the 238th day without any tech listings worth more than USD 50 mn, surpassing the droughts seen during both of this century’s major market crashes. Following last year’s market boom, tech stocks have been particularly hard hit by this year’s sell-off, with the Nasdaq down almost 28% year-to-date compared to c.19% for the S&P 500.

And the broader IPO market? Volumes are down 94% y-o-y. Companies have raised just USD 7 bn so far this year, compared to the record-breaking USD 110 bn in the same period last year, according to Dealogic data.

Also worth noting:

  • Arabian Drilling hired HSBC Saudi Arabia as lead manager on its upcoming Riyadh IPO: Goldman Sachs and SNB will also join HSBC as joint advisors, bookrunners, and underwriters. The Saudi firm will offer a 30% stake (26.7 mn shares) in the IPO, which could value the company at as much as USD 1.4 bn. Bookbuilding is set to run from 28 September to 5 October. (Intention to list, pdf)
  • Chinese manufacturers struggle as US turns up the heat: The MSCI China index has fallen 7% this month amid investor concern about the Biden administration’s recent moves to isolate the country’s tech industry. (Bloomberg)
  • Porsche could be Europe’s third-largest IPO ever: Volkswagen had valued iconic sports car brand Porsche at EUR 70-75 bn ahead of its IPO in Frankfurt. The company priced preferred shares at EUR 76.5 to 82.5 apiece, which would make it Germany’s second-largest IPO and Europe’s third-biggest ever at the upper end of the pricing range. (Statement | Reuters)




-3.1% (YTD: -18.3%)



Buy 19.36

Sell 19.47



Buy 19.39

Sell 19.45


Interest rates CBE

11.25% deposit

12.25% lending




-2.2% (YTD: +2.6%)




+1.8% (YTD: +20.2%)




+0.8% (YTD: +9.2%)


S&P 500


-0.7% (YTD: -18.7%)


FTSE 100


-0.6% (YTD: -2.0%)


Euro Stoxx 50


-1.2% (YTD: -18.6%)


Brent crude

USD 91.35



Natural gas (Nymex)

USD 7.76




USD 1,683.50




USD 19,395

-3.3% (YTD: -57.7%)


The EGX30 fell 3.1% at yesterday’s close on turnover of EGP 1.27 bn (25.2% above the 90-day average). Local investors were net buyers. The index is down 18.3% YTD.

In the green: QNB Alahly (+7.0%), CIRA (+1.6%) and Oriental Weavers (+0.5%).

In the red: Fawry (-9.1%), GB Auto (-8.7%) and Heliopolis Housing and Development (-8.4%).

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.