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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Talabat’s $1.5 Billion Dubai IPO Sells Out Instantly

Key Takeaway: Talabat’s $1.5 billion IPO was fully subscribed within minutes of opening, underscoring strong demand for regional IPOs.

Delivery Hero SE’s Middle East unit, Talabat, saw immediate demand for all shares in its Dubai IPO, priced between 1.50 dirhams ($0.41) and 1.60 dirhams, according to deal terms. The IPO, which represents a 15% stake (3.49 billion shares), values Talabat at $10.2 billion, just below its parent company's $11 billion market cap.


Key Highlights:

  1. Strong Cornerstone Support

    • Key investors, including the UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Co, have committed $250 million to the IPO as cornerstone investors.

  2. Middle East IPO Surge

    • The Talabat IPO follows a record-breaking year for IPOs in the Middle East, where companies have raised approximately $10 billion in 2024.
    • Despite the strong demand, some recent listings, such as Lulu Retail’s $1.7 billion IPO and Oman’s state energy company unit, have experienced muted trading debuts.

  3. Timeline for Talabat Shares

    • The final offer price will be announced on Nov 29, with trading set to begin on Dec 10.

Why It Matters:

Talabat’s rapid sellout reflects continued investor appetite for Middle Eastern IPOs despite mixed post-listing performances. The strong cornerstone backing and robust demand position Talabat as a key player in the region’s expanding tech and delivery sector.

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