Middle East Equity
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Demand strong for $400m deal, despite Iran-Israel escalation
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Paves the way for Saudi sovereign wealth fund to launch a giant follow-on of Aramco stock
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◆ Markets plead for regs pause ◆ Barclays' new strategy ◆ Middle East ECM to take it up a gear
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The region remains the most resilient in EMEA despite geopolitical tensions, thanks in part to a deep local capital pool
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OQGN listing marked an important milestone for country’s privatisation initiative and ECM expansion plans
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Middle East deals fail to make up for barren quarter in Europe
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Terminal X Online Ltd, the Israeli fashion e-commerce company, is due to price its IPO at Ish11.42 a share, the top of the initial range, valuing the company at Ish1.3bn ($390m) on a post-money basis.
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Saudi Arabia is expected to keep emerging market investors occupied in the second half of the year due to a burgeoning pipeline of IPOs, following strong performance of Saudi equities in 2021 so far.
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The IPO of Terminal X Online Ltd, the Israeli fashion e-commerce company, is covered following less than a day of bookbuilding, according to a source close to the transaction.
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A bulging pipeline of business is livening up the UAE’s formerly sleepy equity capital markets, after a series of eye-catching transactions in recent weeks following the biggest IPO in the area for almost three years.
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Terminal X Online Ltd, the Israeli fashion e-commerce company, is preparing to go public on the Tel Aviv Stock Exchange, having secured the backing of Danish online retail billionaire Anders Holch Povlsen.
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Banks wrapped up the $730m-equivalent IPO of Abu Dhabi satellite company Yahsat on Thursday with high levels of demand, particularly from local investors.
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The IPO of Al Yah Satellite Communications Co, the Abu Dhabi satellite company, is covered throughout the initial price range, on a 30% deal size, according to sources close to the deal.
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The IPO of Yahsat, the Abu Dhabi satellite company, will be the largest flotation in the United Arab Emirates for almost four years, according to terms published on Sunday.
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Yahsat, the satellite company owned by Mubadala, will attempt a listing on the Abu Dhabi Securities Market (ADX). The company is seeking to list at a time when the European IPO market is difficult, but there is hope that strong local interest and emerging market equity investors will see the deal across the line.
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An undisclosed shareholder has sold Dh1.1bn ($296m) of stock in Abu Dhabi Commercial Bank, one of the UAE’s biggest banking groups, through an accelerated bookbuild.
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Equity capital markets participants are predicting the return of exchangeable bonds as a way for large corporates to sell crossholdings or subsidiaries to raise funds without offering the big discounts to investors that come with a block trade. Two deals this week highlighted the importance of the product, a €538m deal by French utility Engie, selling shares in Gaztransport Et Technigaz (GTT) and bonds exchangeable into its shares, and a $1.64bn financing package sold by Adnoc, selling shares and exchangeable bonds in subsidiary Adnoc Distribution.
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Abu Dhabi National Oil Co (Adnoc) raised $1.64bn from the sale of exchangeable bonds and shares in Adnoc Distribution, its listed fuel distribution subsidiary, having attracted a “massive” amount of demand from investors, according to a source close to the deal.
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Banks are training their Middle East efforts on Saudi Arabia, where they are hoping to capitalise on growing capital markets activity. The result is a slug-fest for the best banking talent, but firms must learn the lessons of the past, writes David Rothnie.
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Fiverr International has become of the latest Israeli software company to tap the US convertible bond market for financing during the pandemic, raising $400m.
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Crédit Agricole has sold a 4% share stake in Banque Saudi Fransi (BSF) to two unnamed investors for around €330m, ending an association which dates back to 1977.
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Ignitis Grupe, the state-owned Lithuanian energy and utility company, has opened books on its IPO on the Nasdaq Vilinus and London Stock Exchange. The company’s listing will benefit from a framework agreement signed with the European Bank for Reconstruction and Development, under which it will participate in the IPO.
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Abu Dhabi National Oil Co sold $1bn worth of shares in Adnoc Distribution, its listed chain of petrol stations and shops, through an institutional placement on Monday night, the largest ever block trade by a listed company from the Gulf Cooperation Council area.