UAE Business: Four Mena IPOs raise $1.8 billion in Q3: EY – Gulf Digital News

UAE Business: Four Mena IPOs raise $1.8 billion in Q3: EY – Gulf Digital News

The Mena region saw four IPOs raise total proceeds of $1.836 billion during the third quarter (Q3) of 2021, reflecting a 1,483% increase in value on the same quarter in 2020, said professional services firm EY in a new report.



The number of IPOs increased from one in Q3 2020, representing a 300% surge, according to the EY Mena IPO Eye Q3 2021 report.



The year-to-date total number of IPOs stands at eight in the Mena region so far this year, with a combined value of $2.261 billion. Direct listings continued their momentum with seven such listings occurring during Q3 2021.



The four IPOs in Q3 2021 were Al Yah Satellite Communications Company (Yahsat), Tanmiah Food Company (Tanmiah), Mataam Bayt AlShatira Lilwajbat Alsariya Company (Burgerizzr) and Arabian Internet and Communications Services Company (Solutions by stc). The Yahsat listing is the first IPO to occur on the Abu Dhabi Securities Exchange (ADX) since 2017, raising $730.6 million by offering 40% of its shares. The offering was oversubscribed multiple times, with Mubadala continuing to retain a circa 60% shareholding in the company.



Equity markets have also had an exceptional year so far, with the ADX continuing