#SaudiArabia's Almoosa plans to raise up to $450 million through Riyadh IPO | Reuters

Saudi Arabia's Almoosa plans to raise up to $450 million through Riyadh IPO | Reuters

Saudi healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.3 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.

In a statement the company said the price range for the offering had been set at 123-127 riyals per share, implying a market capitalization of between 5.45 billion riyals and 5.62 billion riyals.

Almoosa, whose services include primary, critical, and rehabilitative care, could be the Gulf country's second biggest IPO so far this year after Fakeeh Care Group (4017.SE), opens new tab raised$763.5 million with a listing in May.

Cornerstone investors Tawuniya and Alfozan Holding Company have committed to subscribe to a combined 22% of the shares on offer, Almoosa said.

The final offer price will be determined at the end of the institutional book-building period starting on Wednesday and running until Dec. 10.

Saudi Fransi Capital was appointed financial advisor and lead manager for the offer. It is also acting as underwriter and bookrunner together with EFG-Hermes.

#Oman’s OQ Raises $489 Million With Methanol Unit (OQBI) IPO - Bloomberg

Oman’s OQ Raises $489 Million With Methanol Unit (OQBI) IPO - Bloomberg

Oman’s state energy company raised $489 million with the initial public offering of its methanol and liquefied petroleum gas unit, amid continued demand for Middle East listings.

OQ SAOC sold a 49% stake in Oman Base Industries SAOG at the top end of the price range of 111 baisas ($0.29) per share, according to an announcement. At that price, the firm would be valued at $1 billion.

The deal got aggregate demand for 387 million riyals from institutional and retail investors. Falcon Investments LLC, Gulf Investment Corp., Saudi Omani Investment Co. and Social Protection Fund, had committed to subscribe for about 30% of the offer as anchor investors.

Shares are expected to start trading on the Muscat Stock Exchange around mid-December.

To attract investors, OQBI plans to pay about $85 million in dividends for 2024. For 2025 and 2026, the payout will be at least 5% higher than the previous year.

The firm reported revenue of $510 million and an adjusted EBITDA margin of 43.1% for the year ended December 2023.

OQ raised a record $2 billion from an IPO of its exploration and production unit in October. The deal comes at a time when the sultanate is in the midst of an ambitious privatization drive.

Morgan Stanley, Bank Dhofar and Bank Muscat have been named joint global coordinators on the OQ BI offering, while Kamco Investment Co. and BSF Capital have been appointed as joint bookrunners.

Most Gulf markets end higher ahead of US jobs data, Powell speech | Reuters

Most Gulf markets end higher ahead of US jobs data, Powell speech | Reuters

Most stock markets in the Gulf edged higher in choppy trade on Wednesday, ahead of U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the U.S. central bank's policy outlook.

Traders await the U.S. ADP employment report due at 1315 GMT alongside Powell's speech. Friday's monthly U.S. payroll data and next week's CPI data are also on investors' radar.

Markets are now ascribing a 72% chance of a 25 basis point cut this month, with 80 bps of cuts expected by the end of next year.

The Fed's decisions significantly impact the Gulf region's monetary policy, as most currencies in the region are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 10% rise in Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab

Separately, the kingdom's healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.15 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.

Dubai's main share index (.DFMGI), opens new tab, which resumed trade after a two-session break, rose 0.1%, helped by a 5% jump in Parkin (PARKIN.DU), opens new tab after HSBC upgraded the stock to "buy" from "hold" and raised its price target to 5.5 dirhams from 3.3 dirhams.

Parkin, which oversees public parking operations in the Emirates, received notification from the Roads and Transport Authority last week approving a variable parking tariff policy in Dubai, effective March 2025.

The Abu Dhabi index (.FTFADGI), opens new tab - which also resumed trading following a two-day break - increased 0.3%.

In Qatar, the index (.QSI), opens new tab, however, fell 0.5%, hit by a 0.9% fall in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab.