Abu Dhabi’s ADNOC invites banks to pitch for gas business IPO -sources

    Abu Dhabi National Oil Company (ADNOC) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Bankers familiar with the matter said a request was sent to a select number of banks last week for […]

EFG Hermes advises on $204mln IPO of Dubai-based Taaleem

UAE – EFG Hermes, a leading investment bank franchise, said its Investment Banking division completed advisory on the $204 million initial public offering (IPO) of Dubai education provider Taaleem. Taaleem has been listed on the Dubai Financial Market (DFM). The Firm acted as Joint Lead Arranger and Joint Global Coordinator on the transaction. Taaleem issued […]

Dubai’s Empower set to raise $362mln in IPO

Dubai government–backed  district cooling company Empower, which is planning to sell 10% stake in an IPO, has set the price range at between 1.31 and 1.33 dirhams ($0.35 and $0.36) per share potentially raising a maximum of $362 million. Subscriptions are set to open on October 31, with Dubai Electricity & Water Authority (DEWA) and […]

Dubai’s Salik sets IPO offer price at $0.54

Dubai’s toll-gate operator Salik on Tuesday announced the final price for its IPO at AED2 ($0.54) per share, and could potentially raise AED3 billion in the float, an advertisement carried in the local media showed. The IPO, which opens for subscription today, will offer 1.5 billion shares, which represents 20% of the company’s equity capital. Salik, […]

EFG Hermes plays key role in Borouge’s $2bln ADX listing

EFG Hermes, a leading investment bank franchise in Frontier Emerging Markets (FEM), has announced that its investment banking division successfully concluded its role as joint bookrunner on Borouge’s $2 billion initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The transaction marks the largest-ever listing in Abu Dhabi’s history since Adnoc Drilling’s $1.1 […]

Utico plans share buyback ahead of IPO

  Utico, a UAE’s utility firm, plans a share buyback ahead of its initial public offering (IPO) and stock market listing later this year. The privately-owned firm is in talks with six banks for the IPO and listing. “As part of the IPO preparations, shareholding changes are underway where consolidation is ongoing,” said Richard Menezes, […]