Fintech InvestCloud considers IPO next year: Bloomberg

Fintech InvestCloud considers IPO next year: Bloomberg
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Updated 17 November 2021

Fintech InvestCloud considers IPO next year: Bloomberg

Fintech InvestCloud considers IPO next year: Bloomberg
  • InvestCloud is expected to post more than $400 million in revenue in 2022

RIYADH: US InvestCloud is in the early stages of considering an initial public offering next year, amid strong investor demand for asset management software providers, Bloomberg reported.

The California-based fintech could command a valuation of between $8 billion to $10 billion in an IPO, based on multiples of similar companies such as Clearwater Analytics Holdings and NCino.

InvestCloud is expected to post more than $400 million in revenue in 2022.

No decisions have yet been made and InvestCloud may choose to remain private, according to Bloomberg.

InvestCloud’s IPO deliberations follow successful market debuts by Clearwater Analytics and wealth management software provider, Enfusion.


Evergrande's offshore shareholders say to seriously consider enforcement actions

Evergrande's offshore shareholders say to seriously consider enforcement actions
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Updated 6 sec ago

Evergrande's offshore shareholders say to seriously consider enforcement actions

Evergrande's offshore shareholders say to seriously consider enforcement actions

An ad hoc offshore shareholder group of China Evergrande said on Thursday it has seen no substantive engagement from the firm with offshore creditors to formulate a viable restructuring plan, despite the firm's repeated assurances.


The group, represented by law firm Kirkland & Ellis and investment bank Moelis & Company, said in a statement it has no option but to seriously consider enforcement actions and it is prepared to take all necessary actions to defend its legal rights. 

 


Saudi stocks edge lower as earnings season kicks off: Opening bell

Saudi stocks edge lower as earnings season kicks off: Opening bell
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Updated 3 min 52 sec ago

Saudi stocks edge lower as earnings season kicks off: Opening bell

Saudi stocks edge lower as earnings season kicks off: Opening bell
  • The Gulf’s largest miner, Saudi-listed Ma’aden hit its highest value since listing

RIYADH: Saudi stocks opened fractionally lower as investors brace themselves for earnings announcements.

As of 10:19 a.m. Saudi time, TASI edged down 0.2 percent to 12,238 points and the parallel Nomu market was flat at 26,155 points.

Shares in Yanbu National Petrochemical Co., known as Yansab, led the losses in early trading as it fell almost 2 percent despite posting a 126 percent jump in net profit in the fiscal year 2021.

The market was also weighed down by falls in some of the Kingdom’s major players, including oil giant Saudi Aramco, Al Rajhi Bank, and its largest lender Saudi National Bank all down in the range of 0.1 to 0.3 percent.

The Gulf’s largest miner, Saudi-listed Ma’aden hit its highest value since listing of SR95.5 ($25.5).

Al Moammar Information Systems Co., MIS, saw a 1.4 percent increase in its share price.

Earlier, MIS announced the launch of a system to provide cloud management solutions in Saudi Arabia, following a deal with BMC Software.

In energy trading, Brent crude reached $88.1 per barrel, and US WTI crude oil neared $87 per barrel as of 10:30 a.m. Saudi time.


India seeks 10m tons of overseas coal: NRG matters

India seeks 10m tons of overseas coal: NRG matters
Updated 17 min 21 sec ago

India seeks 10m tons of overseas coal: NRG matters

India seeks 10m tons of overseas coal: NRG matters

RIYADH: Despite the global pressure to move away from fossil fuels, South Africa and India are relying on coal to help fill gaps in the energy supply. On the other hand, the Commodity Hedge Fund index is seen benefiting from the energy transition.

Looking at the bigger picture:

  • Japan’s 2 trillion yen ($17.5 billion) green innovation fund created back in 2020, as well as the potential carbon tax, are not enough to bring the country to its carbon neutrality goals by 2050, Bloomberg reported. One possible solution is for the Asian country to consider a new form of sovereign debt as a source of funding in an attempt to pursue net zero goals.

Through a micro lens:

  • South African electricity public utility Eskom Holdings SOC Ltd. is to burn more coal than expected over the next year amid delays in a government program that aims to draw energy supply from private producers, Bloomberg reported. That said, the state owned firm anticipates 2 percent more energy generation from coal over the next year.
  • Indian state owned statutory corporation NTPC Ltd. sought bids for an accumulative amount of over 10 million tons of foreign coal to curb power shortages amid expected strong summer power demand, Bloomberg reported. As a result, coal imports will jump in spite of the policies in favor of local production. 
  • Germany’s electric utility company E.ON gained hundreds of thousands of customers across Europe as the rallying energy prices forced smaller competitors in the region to shut, Reuters reported. Despite the fact that this is just a small share of the firm’s 50 million customer base, it emphasizes how the surging costs are severely affecting retailers across the continent.
  • The Bridge Alternatives Commodity Hedge Fund Index jumped over 19 percent in 2021 as the energy transition unlocked several trading opportunities from crude oils to base metals, Bloomberg reported. The surge in trading opportunities is mainly attributed to the global shift towards renewable energy which increased demand for battery metals required for electric vehicle production.

 


Shares of Saudi mining firm Ma’aden hit highest value since listing

Shares of Saudi mining firm Ma’aden hit highest value since listing
Updated 28 min 27 sec ago

Shares of Saudi mining firm Ma’aden hit highest value since listing

Shares of Saudi mining firm Ma’aden hit highest value since listing

RIYADH: Shares of the Gulf’s largest mining firm, Saudi-listed Ma’aden, hit its highest value since listing at SR95.5 ($25.5).

The company's shares reached that level at 10:36 a.m. Saudi time on Thursday Jan. 20.

The firm, also known as the Saudi Arabian Mining Company, returned to profit last year, posting returns of SR3.1 billion ($826 million) in the first nine months 2021.

This was compared to a net loss of SR780 million in the same period in 2020, when the COVID-19 pandemic hit pushed industries to the wall. 

The recovery was due to higher average sales prices of all products except gold.


Key factors to watch before opening bell on Tadawul today

Key factors to watch before opening bell on Tadawul today
Updated 20 January 2022

Key factors to watch before opening bell on Tadawul today

Key factors to watch before opening bell on Tadawul today

RIYADH: Saudi Arabia’s main stock index, TASI, was up on Wednesday to its highest close since 2006, continuing its rally from last week amid heightened investor sentiment. 
TASI edged 0.5 percent higher to 12,260 points, and the parallel Nomu market added 0.4 percent to reach 26,158 points.

In line with Saudi Arabia, most GCC indexes closed higher on Wednesday, with Abu Dhabi’s FTSE ADX General index outperforming, up 1.6 percent.

Muscat Stock Exchange’s MSX30 rose 0.8 percent, followed by Bahrain’s BAX and Qatar’s QSI which were up in the range of 0.2 and 0.3 percent.

Bourses of Dubai and Kuwait were down 0.3 and 0.1 percent, respectively.

Elsewhere in the Middle East, the Egyptian index EGX30 dropped 1.4 percent.  

In energy trading, Brent crude rose in early morning to its highest level in seven years, reaching $88.5 per barrel, and US WTI crude oil went up to $87.3 per barrel as of 8:48 a.m. Saudi time.

Stock news

  • Yanbu National Petrochemical Co., known as Yansab, reported a 126 jump in net profit in the fiscal year 2021, due to higher product selling prices
  • Amlak responded to a plaintiff who alleged it faces damages regarding a residential tower project, saying it did not not breach its contractual obligations

Calendar

Jan. 20, 2022

National Co. for Learning and Education will start paying out dividends of SR0.8 per share for the fiscal year ended Aug. 31, 2021

Jan. 25, 2022

Saudia Dairy and Foodstuff Co., SADAFCO, to pay cash dividends at SR3 per share for the first half of its fiscal year