United Carton tests strength of Saudi retail demand: IFR
Appetite for IPOs among Saudi retail investors proved as robust as ever with individual demand for United Carton Industries well in excess of the entire SR600m (US$160m) deal.
The deal was the first main market listing on Tadawul since the Eid al-Fitr holiday and the broader market volatility following US president Donald Trump's April 2 tariff announcements.
The retail offer of 20% of the IPO attracted SR1.07bn of demand from 396,601 subscribers covering the public tranche 8.9 times.
Institutional demand proved equally strong with SR75bn of demand covering the 80% going to institutions more than 150 times. The institutional bookbuild led to pricing at the top of a SR47–SR50 range valuing the company at SR2bn off a 30% free-float.
Al Rajhi Capital ran the deal.
More Tadawul retail offers are due this month for Specialized Medical Company and Flynas, which will open their books to the public on May 28.
Pricing is still to be announced for those deals, which completed institutional bookbuilding on May 15 and May 18, respectively.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
7 hours ago
- Khaleej Times
US and China reach deal to slash trade tariffs, announce 90-day pause
The US and China said on Monday they have agreed a deal to slash reciprocal tariffs for now as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge. Speaking after talks with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90-day pause on measures and that tariffs would come down by over 100 percentage points to 10%. "Both countries represented their national interest very well," Bessent said. "We both have an interest in balanced trade, the US will continue moving towards that." Bessent was speaking alongside US Trade Representative Jamieson Greer after the weekend talks in which both sides had hailed progress on narrowing differences. The Geneva meetings were the first face-to-face interactions between senior US and Chinese economic officials since US President Donald Trump returned to power and launched a global tariff blitz, imposing particularly hefty duties on China. Since taking office in January, Trump has hiked the tariffs paid by US importers for goods from China to 145%, in addition to those he imposed on many Chinese goods during his first term and the duties levied by the Biden administration. China hit back by putting export curbs on some rare earth elements, vital for US manufacturers of weapons and electronic consumer goods, and raising tariffs on US goods to 125%. The tariff dispute brought nearly $600 billion in two-way trade to a standstill, disrupting supply chains, sparking fears of stagflation and triggering some layoffs. Financial markets have been looking out for signs of a thaw in the trade war and Wall Street stock futures climbed and the dollar firmed against safe haven peers on Monday as the talks boosted hopes a global recession might be avoided.
The National
8 hours ago
- The National
Oman delivers details of US nuclear proposal to Iran, Araghchi says
Omani Foreign Minister Badr Al Busaidi has presented details of a US proposal for a nuclear deal with Iran during a visit to Tehran on Saturday, Iran's Foreign Minister Abbas Araghchi said. White House press secretary Karoline Leavitt confirmed the proposal, saying US President Donald Trump 's special envoy Steve Witkoff 'has sent a detailed and acceptable proposal to the Iranian regime'. Mr Araghchi said in a post on X that the Omani Foreign Minister 'paid a short visit to Tehran today to present elements of a US proposal which will be appropriately responded to in line with the principles, national interests and rights of the people of Iran'. Iran and the US have held five rounds of talks – three in Muscat and two in Rome – mediated by the Omani Foreign Minister to resolve a decades-long dispute over Iran's nuclear programme. Mr Araghchi's statement came ahead of an anticipated sixth round, a date and venue for which have not been announced. One of the main sticking points has been US insistence that Iran give up its nuclear enrichment facilities, a demand Iran rejects. Mr Trump, who has restored a 'maximum pressure' campaign on Tehran since February, ditched a 2015 nuclear pact between Tehran and six world powers in 2018 and reimposed sanctions on Iran. In the intervening years, Tehran has overstepped limits set in the 2015 agreement on its nuclear programme, which were designed to make it harder to develop an atom bomb. In recent months it has stepped up its production of highly enriched uranium, according to a report by the International Atomic Energy Agency (IAEA) seen by AFP on Saturday. In a separate in-depth report, the IAEA also criticised 'less than satisfactory' co-operation from Tehran over its scrutiny of the nuclear programme. 'While Iran continues to co-operate with the agency on matters of routine safeguards implementation, in a number of respects … its co-operation with the agency has been less than satisfactory,' the report said. Tehran denies it is seeking a nuclear weapon. It said the report is 'politically motivated and repeats baseless accusations', state media reported. Ms Leavitt said on Saturday that 'President Trump has made it clear that Iran can never obtain a nuclear bomb'. She confirmed the latest US proposal had been communicated to Iran but declined to provide details. On Friday, Mr Trump said a deal was possible in the 'not-too-distant future'. Earlier in the week, he told reporters he had recently warned Israeli Prime Minister Benjamin Netanyahu not to take action that could disrupt the talks with Iran. Those comments appeared to signal US concern that Israel might strike Iran's nuclear facilities. But Mr Trump himself has repeatedly threatened to bomb Iran's nuclear facilities if diplomacy fails to achieve a deal.
Sharjah 24
17 hours ago
- Sharjah 24
UAE-Serbia CEPA officially comes into force
A new era of bilateral economic cooperation Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, expressed his enthusiasm regarding the CEPA's implementation, stating: 'The activation of the UAE-Serbia CEPA heralds a new chapter in our economic relations, creating new avenues for collaboration, investment, and trade that will benefit both our nations." He emphasised the agreement's potential to create jobs, strengthen supply chains, and provide a thriving environment for businesses. Boosting non-oil trade and market access The UAE-Serbia CEPA aims to boost bilateral non-oil trade, which reached approximately US$121.4 million in 2024, double the volume of 2021. The agreement is expected to contribute US$351 million to UAE GDP by 2031. This is to be achieved by eliminating or reducing customs duties for over 96% of tariff lines, thereby enhancing market access. Serbia: A strategic gateway to Europe Serbia's strategic location and diversified economy make it a key partner for the UAE. The CEPA will enable increased trade and investments in critical sectors such as renewable energy, agriculture, logistics, and technology. With the UAE already accounting for 55% of Serbia's total trade with the GCC in 2023, the agreement is poised to deepen economic engagement. Driving UAE's global trade ambitions This agreement aligns with the UAE's broader CEPA strategy, which is central to its goal of increasing total non-oil trade to US$1.1 trillion and doubling the size of its economy to US$800 billion by 2031. A growing CEPA network The UAE-Serbia CEPA is the 10th agreement to officially come into force. In total, 27 CEPAs have been concluded with countries across the Middle East, Africa, Southeast Asia, South America, and Europe, reflecting the UAE's ongoing efforts to position itself as a global trade hub.
