???? Ready, Set, Talabat: IPO Price Set!

Hala,

??? When Dunkin' says large iced latte, they mean LARGE! Chef Nick DiGiovanni teamed up with them to brew a record-breaking 276-gallon latte in an 11-foot cup.(1) Guinness approved, caffeine overloaded, and yes, they shared it with 300 lucky employees. ????

???? While Wall Street took the day off for Thanksgiving on Thursday, Europe decided to snack on gains instead! The Stoxx 600 gained 0.45% to 507.30, powered by strong bank earnings, the DAX rose 0.84% to 19,425.73, while the FTSE 100 gained 0.08% to 8,281.22.(2) Guess Europe was all about green numbers! ???

???? Meanwhile, Gulf markets had mixed reactions to the U.S.-brokered Israel-Lebanon ceasefire. Dubai climbed 0.4% to 4,823, while Abu Dhabi slipped 0.3% to 9,261.(3) ????

amana’s Take

• The USD Index slipped to a two-week low as post-Thanksgiving trading thinned out. Light action on the US calendar shifted market attention overseas, while rising US stock futures and falling 10-year Treasury yields (hovering near 4.2%) piled on the pressure. The Greenback seems to be nursing a holiday hangover.
• Eurozone inflation (HICP) and Canada’s Q3 GDP take center stage. Canada’s economy is cooling, with GDP expected to drop to 1% growth from Q2’s 2.1%, nudging USD/CAD below 1.4000. Across the pond, a buoyant EUR/USD eyes 1.0600, while GBP/USD finally breaks its eight-week losing streak, trading above 1.2700.
• Japan’s inflation surprised at 2.6% in November, while industrial output tanked by the same percentage. This combo dragged USD/JPY to a fresh low near 150.00, levels not seen since October. The Bank of Japan might be watching, but for now, it’s the yen’s game to lose.

???? Talabat's IPO Serves Up a Feast!

Talabat’s IPO landed like a perfectly timed delivery, serving up the UAE’s potentially biggest listing of 2024 and leaving investors hungry for more. Now priced at AED 1.60??($0.44)?per share, Talabat’s stock is set to raise a mouthwatering AED 7.5 billion ($2 billion) in gross proceeds.(4) With this blockbuster debut, Talabat has plated a recipe for success, proving that when it comes to sizzling IPOs, they’ve got the secret sauce. ????

???? High-Stakes Highlights:

• Price Per Share: AED 1.60—a premium pick at the top of the price range.
• Market Cap: AED 37.3 billion ($10.1 billion)—now that’s a full platter!
• Offer Size: Upsized to 20% of issued share capital (4.65 billion shares).
• Investor Demand: Double-digit oversubscription—investors couldn’t get enough.
• Allocation Date: First tranche hits plates on December 6, 2024. ????

???? Ready to Deliver Big Gains!

As Talabat prepares to hit the Dubai Financial Market (DFM) on December 10, all eyes are on this fast-moving IPO. With a valuation that’s the cherry on top of investor appetites and joint bookrunners like Emirates NBD Capital, J.P. Morgan, and Morgan Stanley at the helm, Talabat’s market debut promises to be nothing short of a blockbuster. Move over, delivery orders—this IPO is the new hot item in town! ????

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Closer to Home

• ?? Saudi hospital operator Almoosa Health is scrubbing in for its Tadawul debut, offering 13.3M shares (30% of its share capital). Retail subscriptions run Dec. 23-24, with final allocations on Dec. 29—mark your calendars!(5) #NewIPO ???
• ?? Abu Dhabi Global Market's (ADGM) Q3 was a blockbuster! Assets Under Management (AUM) skyrocketed 215% YoY, and business licenses jumped 33%.(6) Talk about a MENA money magnet. ??
• ??? Dubai’s RTA is toll-tuning for 2025! By next year, Salik toll will hit AED6 during rush hour, AED4 off-peak, and free between 1:00 am and 6:00 am.(7) Guess late-night drives just got sweeter. ??

What Else Is Trending

• ??? Oil prices got a minor boost on Thursday as ceasefire breaches drama between Israel and Hezbollah flared, and OPEC+ hit snooze on their production cut meeting. Brent rose 0.5% to $73.17 per barrel, while WTI added 0.2% to $68.88.(8) ?
• ? Spot gold followed suit, glittering 0.2% higher to $2,641.79 per ounce, as trade war jitters and geopolitical uncertainty sent investors seeking safety.(9) ??
• ?? Meanwhile, the Japanese yen took the spotlight, racing 1% to a six-week high at 150 per dollar on Friday. Tokyo’s hot inflation and BoJ rate hike buzz turned up the heat—Japan’s got a glow going!(10) ??

??Quote of the Day

“People who love to eat are always the best people.” - Julia Child, American chef and author

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amana.app

?Source: (1) UPI, (2) CNBC, (3) (8) (9) Reuters, (4) (7) (10) Zawya, (5) Economy Middle East, (6) WAM