Middle East Equity

Energean, the oil and gas exploration company focused on the Eastern Mediterranean, plans to go public on the London Stock Exchange next month to finance the development of gas fields off the coast of Israel.

Reverse enquiries led to two large share sales over the last week, with one of the blocks executed as a pure club transaction without the need for an accelerated bookbuild at all.

UBS led the biggest Israeli follow-on offering for almost three years on Tuesday morning on behalf of the Potash Corp of Saskatchewan, the Canadian potash producer that recently merged with Agrium to create Nutrien.

Taptica International, the London-listed Israeli digital marketing solutions company, has raised £21.8m to finance future M&A in a £38m share sale that attracted substantial demand. The deal also provided an opportunity for its investors to monetise some of their investment in the company.

The poll is open for GlobalCapital’s Equity Capital Markets Awards for 2017 and we invite market participants to have their say on the best performers of last year.

Savannah Petroleum, the UK oil and gas company focusing on African exploration, has secured a partnership with ASMA Capital Partners, a Bahraini fund manager which invests on behalf of the Islamic Development Bank, as part of its equity capital raising, which is set to be priced today.

Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.

One of the last big IPOs of 2017 reached a successful conclusion this week, crowning a solid year for issuance in the EMEA region.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.

Emaar Properties’ real estate development unit has sagged in the aftermarket after it priced its Dh4.8bn ($1.3bn) IPO last week, amid heightened geopolitical risk in the Middle East and a general weakness in the IPO market.