Middle East Equity

Egypt’s Integrated Diagnostics Holdings rose 26% on Wednesday, its first day of trading in London, and has risen a further 11% since then, after the firm priced its massively popular rebooted IPO.

Mobin Petrochemical Co has floated 7% of its share capital in Tehran, the stock exchange said in a statement on Wednesday.

Saudi Arabia’s Capital Market Authority is pressing ahead with a long-awaited plan to open up the Riyadh stock market to foreign investors. Market participants hailed the news as a strong signal of reform, but cautioned that a lot more had to be done if the Saudi bourse is to normalise institutional access to its stocks.

The IPO of Integrated Diagnostics Holdings, a firm that offers diagnostic services and radiology in Egypt, Jordan and Sudan, is covered at the full deal size, Deutsche Bank said on Friday April 24.

Deutsche Bank is tonight trading a block of shares in Al Noor Hospitals, as Ithmar Capital seeks to sell its entire stake in the Abu Dhabi healthcare group.

Edita, the Egyptian food maker and distributor, today started trading in Cairo, after completing a E£2bn ($263m) initial public offering that values the company at E£6.7bn ($878m).

OCI NV, the Amsterdam-listed Egyptian construction, fertilisers and chemicals group, has announced details of its plan to demerge its construction business, in a deal that could help revive Middle Eastern equity capital markets activity, which has been flagging this year since the collapse of the oil price.

European stockmarkets began the first full week of the year in pitiful shape. Shares plummeted on Monday, as political concerns surrounding Greece and the falling price of oil further spooked investors.

Palm Hills Development, the Egyptian property company, will convene a meeting of its board of directors on January 12 to discuss launching a rights issue.

Corporate CFOs who returned to work today with their minds on plans for IPOs and other equity capital raisings will be going home with furrowed brows.

Dubai Parks and Resorts closed the subscription period for the retail tranche of its $688m public offering on the Dubai Financial Market on Sunday, November 30.

Dubai Parks and Resorts, a subsidiary of Meraas Holding, on Thursday closed the subscription period for the institutional tranche of its $688m public offering on the Dubai Financial Market.