Middle East Equity

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.

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.

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.

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.

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.

Banks wrapped up the $730m-equivalent IPO of Abu Dhabi satellite company Yahsat on Thursday with high levels of demand, particularly from local investors.

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.

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.

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.

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.

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.

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.