UAE Business: 15 Mena IPOs raise $4 billion in Q1, a 1,242% jump in value – Gulf Digital News

UAE Business: 15 Mena IPOs raise $4 billion in Q1, a 1,242% jump in value – Gulf Digital News

The Middle East and North Africa (Mena) region saw a 400% year-on-year increase in the number of firms listing with 15 IPOs raising proceeds of $4 billion, a jump of 1,242% in value when compared to the same period in 2021.

Strong IPO pipelines in Saudi Arabia and the UAE are expected to result in another record-setting year for Mena IPO markets, according to the EY Mena IPO Eye Q1 2022 report.

The figure of 15 listings compares to three IPOs in Q1 2021, showing that activity in Mena looks very promising with a strong start to the year, despite uncertainties that are affecting the global IPO outlook. In contrast, global IPO volumes during Q1 2022 fell 37%, with proceeds down by 51% year-on-year.

Saudi Arabia dominate listings

Saudi Arabia dominated listings activity in Q1 2022 with 6 IPOs on Tadawul’s Main Market and 7 IPOs on the Nomu-Parallel Market, for a total of 13 IPOs raising $ 3.9 billion in proceeds. The Nomu market offers lighter listing requirements, serving as an alternative platform for companies to go public, with investments restricted to Qualified Investors.

Within the GCC, the number of listings and their total value far exceeded that of previous years. In Q1 2020