????? Lulu Targets $1.43 Billion with IPO

Hala,

???? Timothée Chalamet pulled the ultimate “Wonka” move, crashing his own NYC lookalike contest!(1) Disguised in a hat and mask, he popped up behind his “twins,” causing absolute mayhem—police called it an “unscheduled candy crisis.” ????

amana’s take

• Bitcoin burst past $71,000, its highest since June, fueled by hefty inflows into U.S.-based spot ETFs and a dose of election fever. As of early Tuesday in London, it held steady at $70,870, with Ether hitching a ride on the rally.
• Traders are eyeing a potential win for the crypto-friendly Republican nominee, whose promises to make the U.S. a global crypto powerhouse stand in stark contrast to the Democrat’s more regulation-heavy stance. Nothing like a little political drama to keep the market lively.
• Options traders, undeterred by Election Day jitters, are betting on Bitcoin hitting $80,000 by month’s end. With a billionaire’s backing of the Republican’s plans, the crypto crowd is riding high, hoping to cash in on the momentum.

Stock Market Update

???? U.S. stocks rode the seesaw on Monday as investors bet on big tech earnings, with cooling global tensions adding to the optimism. The S&P 500 gained 0.27% to 5,823.52, the Dow added 0.65% to 42,387.57, while the Nasdaq 100 barely budged, dipping 0.0047% to 20,351.07.(2) Wall Street’s workout? A little lift, a little dip. ?????

↗??? Here in the Gulf, markets rose after Iran brushed off Israel’s strikes. Abu Dhabi advanced 1.1% to 9,308, and Dubai climbed 1.3% to 4,537.(3) ???

????? Lulu’s Grand IPO Gambit!

Lulu Retail Holdings, headquartered in Abu Dhabi, has taken a bold move on the IPO chessboard, aiming to capture up to Dh5.27 billion ($1.43 billion) in what could be the UAE’s largest IPO this year.(4) With over 240 stores in six Gulf countries, Lulu has carved out its place as the regional retail giant — now ready to bring in new investors to its checkered kingdom. But this isn’t just any IPO; with demand covering the books in mere hours, Lulu’s debut is set to be a crowd-puller. ????

??? Market Highlights:

• IPO Size: Set to raise up to $1.43 billion with a 25% stake.
• Pricing Range: Shares priced between 1.94-2.04 dirhams each.
• Investor Checkmates: Backed by big players like Abu Dhabi Pension Fund and sovereign funds from Bahrain and Oman.
• Market Capitalization: Estimated between $5.46 billion and $5.74 billion.
• Expected Listing Date: November 14, Abu Dhabi Securities Exchange. ????

?? The Retail Kingpins

As the retail spending boom reverberates across the Gulf, Lulu's IPO has become a strategic masterstroke in a game where regional players like Spinneys and BinDawood Holding are all jockeying for position. With such a buzz building, Lulu’s IPO could be a swift victory — checkmate — as it maneuvers to the forefront of UAE’s retail and public investment market. ????

Closer to Home?

• ?? Dubai’s telecom darling, du, dialed in a stellar Q3: 9.1% revenue growth, a record 48.3% EBITDA margin, and AED 719M profit—the best in three years, thanks to sharp strategy and savvy cost moves.(5) Way to go, du! ??
• ??? Abu Dhabi’s Aldar Properties nailed Q3, raking in AED 1.25B in profits, up from AED 886.7M a year earlier, and hitting AED 4.57B for 2024 so far. With new projects rising in Dubai and beyond, it’s building toward bigger wins!(6) ??
• ?? Saudi Arabia’s liquidity levels hit a record high of SAR 2.9T in August, up 8.7% from the previous year. That’s SAR 232.2B extra in the tank—keeping the kingdom’s economic engine purring!(7) ??

What Else Is Trending

• ?? Microsoft threw shade at Google on Monday, accusing it of “shadow campaigns” in Europe to undermine them with regulators. Apparently, Google’s even recruiting cloud companies for backup! What a plot twist.(8) ??
• ??? Meanwhile, oil prices took a 6% nosedive as Israel’s strike skipped over Iran’s key energy sites, leaving supplies untouched. Brent fell 6.09% to $71.42 per barrel, while WTI fell 6.13% to $67.38.(9) ?
• ?? Gold prices also lost some sparkle, with spot gold down 0.2% to $2,743.31 an ounce—as U.S. Treasury yields and the dollar stole the spotlight.(10) ?

??Quote of the Day

“When you see a good move, look for a better one.” — Emanuel Lasker, German chess player

amana.app

Sources:(1) BBC, (2) (8) CNBC, (3) (4) (9) (10) Reuters, (5) (7) Zawya, (6) Gulf News