Middle East Equity

Equity bankers flew out to the Middle East this week to pitch for roles in the IPO of Saudi Aramco, Saudi Arabia’s state oil and gas giant, according to equity capital markets sources.

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.

Banks working on the IPO of Finablr, the financial holding company that owns Travelex, had to reduce the price of the IPO and extended the books to 3pm on Tuesday, in order to price the transaction.

There has been no covered message sent on the IPO of Finablr, the financial holding company which owns Travelex, though the deal is set to close today, Monday May 13. The banks are still working hard to close the book on schedule.

Arabian Centres Company (ACC), the owner and operator of Saudi retail malls, has priced its IPO at the bottom of its original range, winning local support for one of the largest deals from the Kingdom in years.

Finablr has set a range on its London IPO, valuing the business at a more conservative multiple than many had expected when the roadshow began. That will please prospective buyers, some of whom were also impressed with an appearance from the company’s billionaire owner, BR Shetty.

Banks working on the IPO of Arabian Centres Company (ACC), possibly the largest Saudi Arabian flotation since 2014, have set a price range on the deal.

The Arabian Centres Co, a Saudi Arabian owner and operator of shopping centres, has launched a listing on the Saudi stock exchange.

Finablr, the Abu Dhabi-based cross-border currency and financial technology holding company which owns Travelex, has filed initial paperwork ahead of announcing an intention to list on the London Stock Exchange.

Network International, the Dubai-based payment company, closes books on its IPO on Tuesday and has set what it feels is a generous range for investors, with a view to trading up when it is admitted to the London Stock Exchange on Wednesday.

Bookrunners on Dubai-based payments company Network International will close books on the IPO a day early, and have increased the size of the offering, after receiving huge demand for stock.