June Second Week Newsletter of World and GCC Business News
Dubai’s Tecom Courts Investors After Lining Up Banks for IPO - Bloomberg
Highlights:
– Tecom hosts 10 large business complexes including Dubai Internet City and Dubai Media City. Part of state-owned Dubai Holding, the business park operator houses the headquarters of more than 5,600 companies in the United Arab Emirates.
– A listing could come as soon as the middle of this year, though details on the potential size or valuation were not immediately available.
Borouge Shares Soar in Debut After Staging Abu Dhabi’s Biggest IPO - Bloomberg
Highlights:
– The IPO attracted $83 billion of orders in the latest sign of strong demand for listings in the region. It drew interest from the likes of BlackRock Inc. and Fidelity, Bloomberg reported last week. Seven cornerstone investors agreed to subscribe for $570 million worth of shares, including Gautam Adani, Asia’s richest man.
– The shares rose as much as 20% to 2.95 dirhams on Friday, valuing Borouge at just over 88 billion dirhams ($24 billion). The shares were priced at 2.45 dirhams each.
– Listings on Gulf stock exchanges are on track for their best-ever first half as high oil prices and broad economic reforms draw investors to the region.
EQT, Mubadala Buys Envirotainer for $3 Billion Enterprise Value - Bloomberg
Highlights:
– EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC,
– The company currently has 6,700 containers and employs 375 employees.
– The Stockholm-based private equity firm and Mubadala were advised by Jefferies International.
Turkish Quest to Hedge Inflation Fuels World-Beating Stocks Boom - Bloomberg
Highlights:
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– A jump in the inflation rate to almost 70%, coupled with a government-led pause to interest-rate hikes, has left Turks with limited choices for where to park their savings.
– Burak Cetinceker, a money manager at Istanbul-based Strateji Portfoy, in a phone interview. “It’s impossible for savers to ignore Turkish equities if they want to protect their savings from inflation.”
– But while local Turkish investors keep piling into stocks, foreigners spooked by the country’s unorthodox monetary policy stance are retreating.
Startup Layoffs Start as Tech Stocks Get a Crushing Reality Check - Bloomberg
Highlights:
– Shareholders in high-flying private tech companies such as Stripe Inc. and Instacart Inc. have marked down the value of their holdings, in some cases multiple times.
– Investor sentiment in Silicon Valley is the most negative since the dot-com crash” 20 years ago, tweeted PayPal co-founder David Sacks, now a partner at the investment firm Craft Ventures.
– The market turn is only beginning to take hold. Just 5% of completed investments during the March quarter were down rounds
– Valuation could increase but what could come first is a rise in “dirty term sheets.
– Venture-backed startups including ghost kitchen operator Reef Technology, grocery delivery company Avo, and artificial intelligence company DataRobot cut more than 7,500 jobs globally from April 1 to May 16, according to employment tracker. Public companies have also cut jobs, instituted hiring freezes, or both.
World's Biggest Chipmaker TSMC’s $100 B Wipeout Fails to Faze Bullish Analysts - Bloomberg
Highlights:
– Of the 37 analyst recommendations compiled by Bloomberg, 34 are buys, three are holds and none are sells
– We think TSMC stock is already factoring in a downturn,” JPMorgan Chase & Co. analysts including Gokul Hariharan said in a note Wednesday. “However, the extent of potential downside to 2023 estimates is still unclear,” they said, while maintaining a buy rating.
– Morgan Stanley analysts including Charlie Chan said the current nervousness in the market presents a good opportunity to buy TSMC, whose “future looks secure.”
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