Rough start to Taaleem’s Dubai debut: UAE school operator Taaleem Holding’s shares closed down 15% yesterday to AED 2.55 on its first day of trading on the DFM, according to market data. The company raised AED 750 mn after selling 250 mn shares at AED 3 apiece, the top end of the price range. The IPO was 18x oversubscribed, receiving AED 13.7 bn in offers, according to a statement (pdf). Our friends at EFG Hermes were joint lead arrangers and joint global coordinators for the offering, alongside Emirates NBD Capital.

Taaleem’s drop is in line with DFM newcomers’ recent performance: Several newly-listed companies on the DFM are trading below IPO prices due to “weak” global equities and oil prices, Tellimer strategist Hasnain Malik said, according to Bloomberg. Although valuations in the UAE “remain [the] most attractive” in the Middle East, analysts see “limited 2023 upside on shifting global and local tides.” Dubai business park operator Tecom Group is trading 13.5% below its July IPO price and the Dubai Electricity and Water Authority (DEWA) is down 5.2% from its April debut, despite seeing major investor demand ahead of their IPOs.

HSBC sells its Canada business: The Royal Bank of Canada (RBC) will close a CAD 13.5 bn (USD 10 bn) allcash transaction in late 2023 to acquire 100% of HSBC Canada under an agreement signed yesterday, according to an HSBC statement (pdf) and RBC’s website. Earnings made by HSBC Canada from June 2022 through transaction close will be channeled to RBC, according to the statement.

	EGX30	13,184	+2.1% (YTD: +10.3%)
	USD (CBE)	Buy 24.54	Sell 24.62
	USD at CIB	Buy 24.54	Sell 24.60
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	10,752	+0.1% (YTD: -4.7%)
	ADX	10,392	-0.1% (YTD: +22.4%)
	DFM	3,304	+0.5% (YTD: +3.4%)
	S&P 500	3,958	-0.2% (YTD: -17.0%)
	FTSE 100	7,512	+0.5% (YTD: +1.7%)
	Euro Stoxx 50	3,934	-0.0% (YTD: -8.5%)
	Brent crude	USD 83.49	+0.4%
	Natural gas (Nymex)	USD 7.28	+1.1%
	Gold	USD 1,763.60	+0.5%
	BTC	USD 16,455	+1.6% (YTD: -64.4%)

THE CLOSING BELL-

The EGX30 rose 2.1% at yesterday’s close on turnover of EGP 1.98 bn (36.5% above the 90-day average). Local investors were net buyers. The index is up 10.3% YTD.

In the green: QNB Alahli (+6.4%), Credit Agricole Egypt (+5.5%) and Housing and Development Bank (+4.7%).

In the red: Juhayna (-1.5%), Mopco (-0.9%) and AMOC (-0.9%).