Founded in 2013, Zoomcar has pioneered car sharing across emerging markets. All quotes are in local exchange time. We highlight where current processes, procedures, structures and practices fall short of the requirements for a company whose securities are to be publicly traded and provide recommendations on how to address these gaps. The proposed IPO is being managed by investment banks, including Citigroup, Morgan Stanley, Credit Suisse and JPMorgan. Its yet another reason you can continue to trust MarketBeat.com with information that helps you meet your largest investment goals. Endomines Finland Plc has today obtained approval from Nasdaq Helsinki for admission to trading on Nasdaq Helsinki. If you have more years until retirement, then you may want to look at what the funds performance has been over the last 10 or 20 years (if available). Whilst the volume of IPOs in Q2 2022 is 47% less than Q1 2022 at 8 across the GCC (Q1 2022: 15; Q2 2021: 1), they generated USD8.8 billion in proceeds, which is 78% more than the previous quarter (Q1 2022: USD4.9 billion; Q2 2021 USD66 million). We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be. Additional information about the Proposed Transaction, including a copy of the Merger Agreement, will be provided in a Current Report on Form8-Kto be filed by Innovative with the SEC and available at www.sec.gov. Why Its Important: China, the home to many EV startups, is now facing the risk of COVID-19-related supply-chain challenges and production disruptions. In addition, Innovative intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Innovative, and will file other documents regarding the Proposed Transaction with the SEC. October 13, 2022 08:00 ET DealBook Newsletter The Stakes Behind the F.T.C.s Bid to Block Microsofts Big Deal. Whatever your plans are, you know youll have some predictable expenses. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Israeli nanotech startup Gauzy, which develops smart glass technologies, is preparing to go public on Nasdaq at a valuation of $600 million, Calcalist has learned. On the guest side of its business, Zoomcar benefits from the wide variety of use cases for private car usage across its core markets. Real-time analyst ratings, insider transactions, earnings data, and more. Investor WebcastZoomcar and Innovative expect to hold a joint conference call to discuss the proposed business combination. TD Ameritrade was evaluated against 14 other online brokers in the 2022 StockBrokers.com Online Broker Review. Why You Should Avoid Carvana Even if it Avoids Bankruptcy. However, other investors may have other taxable investment accounts that they are planning on using in their retirement. Its VF8 is a mid-size SUV and could be pitched against Tesla Inc.s TSLA Model Y SUV. There were 232 IPOs in Q2 2022 generating proceeds of USD36.6 billion (Q1 2022: 286 IPOs raised USD56.1 billion; Q2 2021: 631 IPOs raised USD133.1 billion), circa 60% less IPOs and 73% less proceeds than Q1 2022. Information about Innovatives directors and executive officers and their ownership of Innovatives securities is set forth in filings with the SEC, including Innovatives annual report on Form 10-K filed with the SEC on March 29, 2022 and subsequent quarterly reports filed with the SEC on form 10-Q. This brings us to a final thought; your circumstances dont dictate your final outcome. HONG KONG :Chinese automaker BYD Co Ltd said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit's asset structure. The percentage figures shown in the chart above are the average share price movements of the newly listed companies under each sector relative to the index performance of the respective exchange. With UAE and KSA appearing the most active. The Trust Account established by Innovative at the time of its initial public offering currently contains approximately $235 million. exercisable within 30 days from the date of the final prospectus, 2022 on the Nasdaq Global Select Market under the ticker symbol "ATAT." The first batch of VF8 was shipped to the U.S. in November and deliveries are expected to commence in the U.S. in December and in Europe in early 2023. For the nine months that ended Sept. 30, the company reported revenue of $439.4 million, including $367.3 million from vehicle sales. The main European exchanges and the UK saw limited IPO activity. ADC Acquisition Corporation also listed warrants in conjunction to its IPO. Hong Kong was also active in the Asia-Pacific, though to a lesser degree, with 9 IPOs raising USD0.6bn in total. first batch of VF8 was shipped to the U.S. Vietnamese Tesla Challenger VinFast Begins Domestic Deliveries Of SUV; US Sales Will Reportedly Start In December. Upon closing, the Combined Company will be renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq. Companies potentially in need of debt capital might be better off completing such transactions sooner. Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is the leading marketplace for car sharing across India, Southeast Asia and the MENA region, with over 25,000 cars currently available to guests using its platform. Innovative sought advice from several leading firms to assist with a thorough diligence process prior to entering into the Merger Agreement. Our IPO and debt Readiness Assessment is an early stage diagnostic review of the critical areas needed for a successful issuance. Please see www.pwc.com/structure for further details. BANGALORE, India, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Zoomcar, Inc. (Zoomcar), the worlds largest emerging market focused car sharing platform, and Innovative International Acquisition Corp. ("Innovative") (NASDAQ: IOAC), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement (the Merger Agreement) that will result in Zoomcar becoming a publicly listed company. 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. We work with issuers and their advisors to provide IPO and debt advisory and assurance services. This brings the total number of GCC IPOs in H1 2022 to 23 raising USD13.7 billion in aggregate, exceeding any other first half in the last decade. Abu Dhabis Borouge listed on ADX generating USD2 billion in proceeds. However, family-owned automotive business Ali Alghanim has completed a private listing on Boursa Kuwait. Read Next:Vietnamese Tesla Challenger VinFast Begins Domestic Deliveries Of SUV; US Sales Will Reportedly Start In December. Step 6: How Much Annual Retirement Income Do You Want? Additional information regarding the participants will also be included in the proxy statement/prospectus, when it becomes available. The underwriters. During the quarter, the Indonesian government listed multiple sukuks totaling USD3 billion and IsDB Trust Services No.2 SARL - 2027 listed a USD 1.6 billion sukuk. Can Pfizer, Johnson & Johnson Continue Outperforming the Index? Companies interested in equity funding in the longer term should start preparing now. Gauzy's move comes on the back of raising a $60 million Series D in February of this year that was used mainly to acquire France-based Vision Systems, which develops ADAS (Advanced Driver Assistance System) and shading solutions. American Consumer News, LLC dba MarketBeat 2010-2022. Looking To Improve Your Website's Search Engine Optimization? Export data to Excel for your own analysis. All rights reserved. In the last 40 years, the emergence of the individual retirement account (IRA), 401(k), Roth IRA, SEP IRA, and other investing tools have made saving for retirement accessible for a large part of our population. Once again, honesty is the best policy. It was founded in 2010 by CEO Eyal Peso and CTO Adrian Lofer. The EMEA markets saw a 59% decrease from USD28.8 billion in Q1 2022 to USD12 billion in Q2 2022, which was largely propped up by the significant level of activity in the middle east region. If you get nothing else from this exercise, please understand that you do yourself no favors by providing inaccurate data. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. If youre not on track, it doesnt mean your retirement is shot. Zoomcar presently has over 3 million active users and over 25,000 vehicles registered for use on its global car sharing marketplace, a milestone achieved within just 12 months of launching its car sharing platform. Retirement is a personal decision, some people will be comfortable living in their current home, and maybe taking a few small trips a year. An IPO is an initial public offering. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of the Registration Statement referenced above and other documents filed by Innovative from time to time with the SEC. There Is Fundamental Value In Broadcom, And It Yields 3.35%, Costco vs Amazon: an end of the year showdown, Discount Retailers Could Make Good Bargain Stocks. No Offer or SolicitationThis communication is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities in respect of the Business Combination and shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. We see a vast addressable market, totaling approximately $90 billion annually by 2025, due to current average private car ownership levels of less than 10% across, combined with an underutilized vehicle base of nearly 200 million cars in our core markets., Dr. Mohan Ananda, Chairman & CEO of InnovativeWith our deep experience in operations & technology, we see Zoomcars advanced platform addressing and solving the industrys most pressing needs in todays challenging urban and emerging markets. The Government of Bahrain issued a bond valued at USD395 million. Oman Investment Authority (OIA), which is seeking to exit numerous assets across various sectors, including two units of State energy company OQ, through potential listing on the Muscat stock exchange. The IPO market will likely remain quiet until volatility moderates. - 2022 PwC. However, Innovative, Innovative International Sponsor I LLC (Innovatives Sponsor), Zoomcar, and their respective directors, officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination under the rules of the SEC. These forward-looking statements and factors that may cause actual results and the timing of events to differ materially from the anticipated results include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement or could otherwise cause the transactions contemplated therein to fail to close; (2) the outcome of any legal proceedings that may be instituted against Innovative, Zoomcar, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of Innovative or stockholders of Zoomcar; (4) the inability of Zoomcar to satisfy other conditions to closing; (5) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (6) the ability to meet stock exchange listing standards in connection with and following the consummation of the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations of Zoomcar as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably, maintain its reputation, grow its customer base, maintain relationships with customers and suppliers and retain its management and key employees; (9) the impact of the COVID-19 pandemic on the business of Zoomcar and the Combined Company (including the effects of the ongoing global supply chain shortage); (10) Zoomcars limited operating history and history of net losses; (11) Zoomcars customer concentration and reliance on a limited number of key technology providers and payment processors facilitating payments to and by Zoomcars customers; (12) costs related to the Business Combination; (13) unfavorable interpretations of laws or regulations or changes in applicable laws or regulations; (14) the possibility that Zoomcar or the Combined Company may be adversely affected by other economic, business, regulatory, and/or competitive factors; (15) Zoomcars estimates of expenses and profitability; (16) the evolution of the markets in which Zoomcar competes; (17) political instability associated with operating in current and future emerging markets Zoomcar has entered or may later enter; (18) risks associated with Zoomcar maintaining inadequate insurance to cover risks associated with business operations now or in the future; (19) the ability of Zoomcar to implement its strategic initiatives and continue to innovate its existing products; (20) the ability of Zoomcar to adhere to legal requirements with respect to the protection of personal data and privacy laws; (21) cybersecurity risks, data loss and other breaches of Zoomcars network security and the disclosure of personal information or the infringement upon Zoomcars intellectual property by unauthorized third parties; (22) risks associated with the performance or reliability of infrastructure upon which Zoomcar relies, including, but not limited to, internet and cellular phone services; 23 the risk of regulatory lawsuits or proceedings relating to Zoomcars products or services; (24) increased compliance risks associated with operating in multiple foreign jurisdictions at once, including regulatory and accounting compliance issues; (25) Zoomcars exposure to operations in emerging markets where improper business practices may be prevalent; (25) Zoomcars ability to obtain additional capital when necessary; The foregoing list of factors is not exhaustive. Well reveal the Top 3 End of the Year Trading Secrets (Live). This may seem like an odd thing to put at the end, but its a good reality check. Suzhou Novosense Microelectronics Co Ltd listed on Shanghais Sci-Tech Innovation Board (STAR market) generating USD0.9 billion. Barack Ferrazzano advised Marine Bank on the deal. All rights reserved. Zoomcars primary focus lies in emerging market transportation, which, based on ownership rates across Zoomcars core markets averaging less than 10%, translates into an estimated $90 billion addressable market across emerging market geographies by 2025. Forecasts and estimates regarding Zoomcars industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. This content is for members only. Endomines IPO. With operations across India, Indonesia, Vietnam, and Egypt, Zoomcar is transforming the urban mobility landscape with the introduction of affordable, sustainable and convenient transportation solutions. This is also known as return on investment (ROI) and it can be subjective but there are ways of being as accurate as possible. This is where the retirement calculator can become a choose your own adventure activity. The company said it intends to list its shares on the Nasdaq under the symbol VFS. VinFast had about 2.41 million outstanding shares as of Sept. 30. UAEs IPO activity made an impact in the global capital markets with the country ranking 2nd globally by IPO proceeds, moving up 6 places from Q1 2021. The offering is expected to close on November 15, 2022, subject to customary closing conditions. Keep in mind that you will be receiving Social Security income that will be separate from what you will be relying on from your retirement savings. At PwC, we understand that good preparation is essential to a successful IPO and debt issuance. If your retirement account is in a fund, you can look at the funds prospectus to see what the current expected rate of return is. The fund provides investors with investment results that closely track the performance of the Dow Jones Islamic Market U.S. Titans 50 Index which comprises of the 50 largest companies (by float-adjusted market capitalization) listed on NYSE and Nasdaq. Most experts advise that you plan on taking out no more than 4% or 5% of your savings in the first year you retire. The light blue area shows a possible net worth range based on your savings and a growth rate range of 4% to 12% before retirement and 2% to 6% during retirement. In addition to the two new sites it took over from Vision Systems, Gauzy, which employs a total of 480 people, has three sites in Israel and Germany and 14 offices worldwide. ** The increase is mainly contributed by an increase of 2555% in the share price of Boursa Kuwait Securities Company (K.P.S.C.). This is where you have to be realistic about your goals and expectations. The chart extends to age 95. Additional Information and Where to Find ItIn connection with the proposed business combination (the Business Combination) involving Innovative and Zoomcar, Innovative intends to file with the SEC a Registration Statement on Form S-4 (as amended, the Registration Statement), which will include a proxy statement/prospectus. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Debt markets in Q2 2022 saw activity from UAE, KSA, Qatar and Bahrain. Exchange hosted the largest corporate and sovereign sukuk listings in Q2 2022 in the GCC region. Proceeds to Zoomcar from the Proposed Transaction are expected to consist of funds retained by Innovative, after shareholder redemptions, and transaction financing. 2022 Benzinga.com. The Zoomcar community connects vehicle owners with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets. Investors: Michael [email protected], Media:Surabi [email protected], Innovative International Acquisition Corp.Dr. Qatar also had no IPO activity in the quarter. Zoomcars unique technology platform facilitates car sharing at scale. These transactions led UAE to be the country with the most IPO proceeds globally in Q2 2022, surpassing Saudi Arabia and even USA. Q2 2022 saw a number of transactions being canceled or postponed as investors continued to test valuations. Zoomcars first mover advantage across markets provides a strong brand awareness that forms the backbone of its product driven, organic growth strategy for future business buildout. raised from IPOs in Q2 2022 across the GCC compared to USD 66m in Q2 2021, across 2 countries in Q2 2022 compared to 1 IPO across 1 country in Q2 2021, sukuk issued by the Perusahaan Penerbit SBSN Indonesia in Q2 2022 on Nasdaq Dubai, bond issued by the Industrial and Commercial Bank of China Limited in Q2 2022 on the Nasdaq Dubai. It contains the critical, time-sensitive data you need for income investments such as Common Stocks, Royalty Trusts, ETFs, CEFs, REITs, MLPs and ADRs.And gaining access to all of this only takes minutes. Some of the major themes apparent in equity transactions globally in the recent quarters include a strong balance sheet, efficient capital structure and environmental, social and governance (ESG) premium. On the other hand, regional government drives and the current GCC economic activity enhanced by the increasing oil price are likely to have a positive impact on investors confidence, giving rise to increased equity activity. As a result, global IPO market sentiment remained frail in Q2 with volumes significantly lower than both Q1 2022 and Q2 2021. Please. On October 27, 2021, the Company filed with the SEC a prospectus for the IPO on Form 424B4, which incorporated and formed part of the Registration Statement (the Prospectus). A transcript of the conference call will be furnished by Innovative to the SEC and available on the SECs website at www.sec.gov. ZoomCar. A trend reversal is not anticipated in the near future. Get short term trading ideas from the MarketBeat Idea Engine. Thats why weve created the tracker. The outlook for the UAE remains positive for Q3 2022 and beyond. In other words, past performance does not predict future results. Upgraded but still having issues? For most investors, you can find this right on your retirement account statement. The company quantifies its total addressable market at $1.3 trillion by 2027, which could translate to shipments of 35 million units. Contact us. Zoomcar aims to fundamentally transform the urban mobility landscape across emerging markets through the introduction of a highly scalable marketplace focused car sharing platform, said Zoomcar Co-Founder and CEO Greg Moran. When available, these documents can be obtained free of charge from the sources indicated above. Although IPOs on Tadawul were not as active in Q2 2022 as the previous quarter, Saudi Arabia still outperformed many other countries on a global scale, ranking 5th globally and generated 2% of the global proceeds. As interest rates are on the rise and as such the cost of debt is also increasing, companies need to examine their approach to financing. If you dont really have $50,000 to start with you arent going to get the same results as the projection. Shortly after shipping electric vehicles to the U.S., Vietnamese EV maker VinFast Auto Ltd. filed for its initial public offering in the U.S. What Happened: VinFast, on Tuesday, filed a red herring prospectus with the SEC on Form F-1, which is meant for foreign issuers of equity, without stating the price or the issue size. Get up to $600 or more (plus $0 commissions) 1 Learn how For a limited time, receive a cash bonus when you open a new E*TRADE brokerage or retirement account with a qualifying deposit by December 31, 2022. Greg Moran, Founder & CEO of ZoomcarZoomcars car sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets which include SE Asia, Latin America, MENA, and Sub-Saharan Africa, Moran said. This exit represents OIA contribution towards realizing Omans Vision 2040 to achieve economic diversification, decrease oil dependence and empower the private sector. [email protected] These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. MyETF Dow Jones U.S. Titans 50 is the first Shariah-compliant equity ETF traded in US Dollar. Saving for retirement is the biggest objective of investors. The firm was rated #1 in the categories "Platforms & Tools" (11 years in a row), "Desktop Trading Platform: thinkorswim" (10 years in a row), "Active Trading" (2 years in a row), "Options Trading," "Customer Service," and "Phone Support." Please disable your ad-blocker and refresh. The company said it expects to use the net proceeds for partially or fully repaying outstanding debt and R&D as well marketing expenses, investment in its manufacturing facilities and working capital and general corporate purposes. With private car usage rates of 1-2 hours per day across its core markets, Zoomcar benefits from exceptionally favorable market dynamics, as it sources vehicle owners to become hosts on its car sharing marketplace. Our assessment can be tailored to include these aspects as well as some broader areas such as business continuity and contingency planning. The IPO plan was first halted by the exchange in August 2021, as a firm advising on the IPO process faced a regulatory probe. Senior Manager, Capital Markets, PwC Middle East, Consulting COO and Management Consulting co-Lead Partner, PwC Middle East. OpenAIs new chat bot opens a Pandoras box. This initiative is intended to help boost the market value of the exchange to AED3 trillion. Innovatives management, comprises of Dr. Mohan Ananda, Madan Menon and Elaine Price, along with a board of directors that builds on its ability, experience and network with cross border transactions and strategic growth, sought to partner with a technology company that had a global footprint with a focused global growth strategy. The UAEs IPO activity accounted for 72% of EMEA total proceeds. A good rule of thumb is that things regress to a mean. Youll know how much you put in every month and dont forget to include any employer matches and personal savings too. In the post COVID-19 era, equity stories will need to be stronger than ever. This is particularly true if you have a spouse. Zoomcars shared mobility vision has proven to be an ideal fit for emerging markets, with less than 10% average vehicle ownership across its core markets creating untapped demand among a growing middle class that values affordability and convenience. After onboarding, the car is ready to earn income for the host once it starts receiving bookings. The number of American households who were unbanked last year dropped to its lowest level since 2009, a new FDIC survey says. Are Investors Hearing The End Of Spotify's Downtrend? The boards of directors of both Zoomcar and Innovative have unanimously approved the proposed business combination, which is expected to be completed in the first half of 2023, subject to, among other things, approval by Innovatives and Zoomcars shareholders, and satisfaction (or waiver, as applicable) of the conditions stated in the Merger Agreement, including regulatory approvals and other customary closing conditions, including a registration statement (the Registration Statement) to be filed by Innovative being declared effective by the U.S. Securities and Exchange Commission (the SEC). This is the largest listing on ADX since 2017. If you are a more conservative investor focused on dividends, you should choose a rate of return closer to 6%. Owners of personal, private or non-transport vehicles (hosts) can list their vehicles on the platform, and eligible users (guests) can book them for personal use. Zoomcars track record and success to date sets Zoomcar apart from competitors and positions it for accelerated growth at a time when vehicle usage demand is growing and car ownership remains very low.. GCC IPO performance in Q2 2022 outperformed that of Q2 2021 by both volume and proceeds. Gauzy is believed to have filed a confidential prospectus with the U.S. SEC and selected banks to lead its offering, including Bank of America, should it go ahead. Time is one of the most important elements of a retirement plan. Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; Hopefully, you still have time to make corrections. 5.12.2022. Others may have much more elaborate, and expensive, retirement plans. After a challenging 2022, what will 2023 hold for the technology industry? The UAEs Nasdaq Dubai continued to be the leading sukuk exchange. "BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity," BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. For many Americans, a retirement account is their sole source of retirement savings. Our daily ratings and market update email newsletter. The ADSs will begin trading on November 11, 2022 on the Nasdaq Global Select Market under the ticker symbol "ATAT." Get daily stock ideas from top-performing Wall Street analysts. The cheapest Porsche the 718 costs a cool 59,200. Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more Whilst Oman did not host any IPO in Q2 2022, it is expected to show increased IPO activity in the near future. Retal Urban Development Co was the biggest IPO on Tadawul for the quarter, raising USD384 million, followed by Saudi Home Loans which generated USD160 million. See what's happening in the market right now with MarketBeat's real-time news feed. For the first time in nearly a decade, the UAE leads the GCC region in terms of quarterly IPO proceeds generating 93% of the regional proceeds with 3 listings. It opted to halt ICE vehicle production in November 2022 in a bid to transform into an EV-only company. The stock market has averaged about 10% annual returns over the past century, but after adjusting for inflation, the real rate of returns is closer to 7%. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Many investors' universal goal is a comfortable retirement. In-depth profiles and analysis for 20,000 public companies. At USD6.1 billion proceeds and 37 times oversubscribed, this is the UAEs largest listing on record and was the largest IPO in Q2 2022 globally, signifying a reactivation of the UAE IPO market. The Proposed Transaction values Zoomcar at an implied pro forma enterprise value of approximately $456 million. The Kingdom of Saudi Arabia generated USD585 million from 5 IPOs, generating 7% of Q2 2022 GCC proceeds. Scrapping the planned initial public offering (IPO) will not have a material adverse impact on the company's existing operations or the future development strategies of the group, the automaker added. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st floor, New York, New York 10004. For the first time in nearly a decade, the UAE leads the GCC region in terms of quarterly IPO proceeds generating 93% of the regional proceeds with 3 listings. After the closing, Zoomcar stockholders are expected to retain a majority of the outstanding shares of the Combined Company and Zoomcar will designate a majority of proposed directors for the Combined Company board. View which stocks are hot on social media with MarketBeat's trending stocks report. UAE listed USD400 million worth of treasury bonds on its Nasdaq exchange. Nanotech startup Gauzy raises $60 million, acquires Frances Vision Systems, Gauzy showcases the future of automotive glazing, collaborations with BMW, Brose, Material Science Company Gauzy to Open Stuttgart Factory. 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