MENA IPO proceeds nearly halved in H1, but outlook is positive
- Date: 20-Sep-2021
- Source: Zawya
- Sector:Financial Markets
- Country:Middle East
MENA IPO proceeds nearly halved in H1, but outlook is positive
The Middle East North Africa (MENA) region saw four initial public offerings (IPOs) raise total proceeds of $425.8 million during the first half of 2021, a 48 percent drop in proceeds when compared with the same period in 2020, despite the number of listings staying the same year-on-year, professional services network Ernst & Young (EY) said in a new report.
Matthew Benson, EY MENA Strategy and Transactions Leader said: "Our outlook on the region’s IPO activity remains positive, taking into account the continued improvement in economic conditions and stability in the region, coupled with the strong performance of oil prices we have seen thus far in 2021.”
Following the three IPOs listed in Q1 2021, the second quarter of 2021 saw only one MENA IPO issued, Taaleem Management Services, which was listed on the Egyptian stock exchange and raised $131 million in proceeds, said the EY MENA IPO Eye Q2 2021 report. The was an improvement from Q2 of 2020, when there were no public offerings, as the COVID-19 pandemic affected the global economy and created uncertainty for businesses.
In the UAE, the Abu Dhabi Securities Exchange (ADX) is currently gearing up for several potential IPOs. The Abu
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