Value of Gulf IPO deals jumps to $801.3m in first quarter – The National

Value of Gulf IPO deals jumps to $801.3m in first quarter – The National

Value of Gulf IPO deals jumps to $801.3m in first quarter. The value of IPO deals in the Gulf jumped 14-fold year-on-year in the first quarter of 2020 as companies eyed listing on Gulf bourses following Saudi Aramco's record-breaking market debut late last year.. Three IPOs were recorded in the Gulf during the first three months of the year, raising $801.3 million (Dh2.94bn), compared to one listing worth $57.6m in the same quarter a year ago, according to consultancy EY's Mena IPO report.. "Following the interest in Saudi Aramco's IPO, there was a marked increase in companies pursuing listings on GCC stock exchanges.". Listings could slow further during the current quarter, though, as the pandemic has hit company earnings and put a dent in the plans of potential issuers.. IPO markets in the Mena region are unlikely to rebound quickly in the second or third quarter of this year, according to Gregory Hughes, leader of EY's Mena IPO business.. "Potential issuers continue to seek new capital, in some cases driven by the current market environment.". For example, the Egyptian capital market was expecting as many as 14 companies to go public in 2020 as a programme to list stakes in