The IPOX® Update 10/24/23
OQ Gas Networks Debuts on Muscat Stock Exchange
The gas pipelines business unit of the Omani energy conglomerate, OQ SAOC, commenced trading on the Muscat Stock Exchange. Shares rose 7% following its $749 million IPO, opening at 159 baisas, up from the offer price of 140 baisas, and settling at 150 baisas by close. The listing attracted an impressive demand of $10.4 billion, making it the largest in Oman's history, eclipsing the previous record held by Oman Telecommunications in 2005. Notable anchor buyers included Fluxys Belgium SA and Saudi Arabia's Public Investment Fund. (Source)
Midea Group Announces Hong Kong Listing Plans
Chinese home appliance manufacturer, Midea Group, unveiled plans to list shares on the Hong Kong Stock Exchange. Currently valued at $51 billion, Midea intends to release up to 10% of its capital for the listing. Bank of America Corp. and China International Capital Corp. have been tapped as joint sponsors for the offering. The prospective listing from Midea might provide a significant boost to the Hong Kong IPO market, which has been awaiting a major listing for some time. (Source)
Investcorp Holdings Reveals Abu Dhabi Listing Plans
Investcorp Holdings, the Middle East's leading alternative asset manager, has announced its intention to list in Abu Dhabi. The upcoming IPO will comprise 643 million shares. The announcement of the price range is scheduled for November 2nd, with the listing expected on November 17th. Notably, while Goldman Sachs and Citigroup have opted out, major banks such as Emirates NBD, First Abu Dhabi Bank, and HSBC remain as bookrunners for the IPO. (Source)
Starling Bank and Thought Machine Consider London IPOs
Digital banking platform, Starling Bank, recently valued at £2.5 billion, and banking software provider, Thought Machine, with a $2.7 billion valuation from its latest funding round, are both exploring potential listings on the London stock market. While Starling is currently examining IPO proposals, Thought Machine's listing could materialize by 2025. Thought Machine, established in 2014, offers software solutions to major global banks and has been expanding its operations, notably in the US. (Source)
IPOX® holding Spotify's Stock Jumps Following Q3 Report
Spotify Technology shares climbed 10% after releasing its Q3 results, which surpassed expectations. The company, which is part of the IPOX® 100 Europe (ETF: FPXE) and IPOX® International (ETF: FPXI) indexes, reported robust subscriber growth and returned to profitability, posting a positive operating income for the first time in almost two years. Financial analysts have expressed increased optimism for Spotify's Q4 outlook, particularly noting the company's gross margin and operating income predictions. (Source)
