KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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: 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. 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 u...