Middle East companies last year raised some $21.9 billion
through IPOs, Dealogic data shows, more than half the total for
the Europe, Middle East and Africa region.
MENA saw a 33% drop in the number of IPOs and a 14% fall in
value in the first quarter from the year-prior period.
But this compared with a 61% drop in the global volume of
IPOs in the first quarter, with 299 companies going public to
raise $21.5 billion, EY said.
"At the end of the quarter, six out of the 10 MENA IPOs had
a positive return compared to their IPO price," EY said.
"Saudi Arabia is still the most active market in terms of
volume, while the largest IPOs continue to be dominated by the
energy sector," said Gregory Hughes, EY's MENA IPO and
transaction diligence leader.
Abu Dhabi National Oil Company said on Wednesday it intends
to offer 15% of its shares in its unit ADNOC Logistics &
Services (ADNOC L&S) through an IPO on the Abu Dhabi stock
exchange expected on June 1.
(Reporting by Yousef Saba; Editing by Alexander Smith)
DUBAI, May 10 (Reuters) - Middle East companies raised
nearly 16% of the total proceeds from initial public offerings
(IPOs) globally in the first quarter, as the region's momentum
from a blockbuster 2022 continued, consulting firm EY said on
Wednesday.
Companies in the region raised $3.4 billion in the first
quarter from 10 IPOs. That included a $2.5 billion listing by
ADNOC Gas, a unit of Abu Dhabi's state oil giant, which was the
quarter's largest IPO globally.
"MENA IPOs continue to go against global trends in these
uncertain economic times, building on the momentum from last
year," Brad Watson, EY's Middle East and North Africa (MENA)
strategy and transactions leader, said in a statement.
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