7 regional IPOs raise $1.5bn in 2022 third quarter

7 regional IPOs raise $1.5bn in 2022 third quarter

Muscat: The Mena region has witnessed a 288 per cent year-on-year increase in the number of companies listing during the first nine months of the year, raising $14.7 billion in total, up 550 per cent in the same period last year, according to a new report.

“The strong run across the region’s markets included seven IPOs in the third quarter of 2022, raising approximately $1.5 billion, bringing the total number of Middle East and North Africa (Mena) IPOs in the year-to-date 2022 to 31,” the latest EY Mena IPO Eye Q3 2022 report shows.

Globally, in the year-to-date, there have been a total of 992 initial public offerings (IPOs), raising $146 billion, a 44 per cent and 57 per cent decrease year-on-year respectively as companies and investors continue to face mounting macroeconomic challenges, market uncertainties, increasing volatility and falling global equity prices, the report added.

The Mena region, however, has generally bucked the global trend with IPO activity and pipeline continuing to remain strong despite the weaker global sentiment.

“Despite IPO volumes and values declining significantly in the majority of other global markets, the Mena region continues to forge its path with a steady stream of new listings in the third quarter (Q3) adding