Four regional IPOs raised $1.8bn in third quarter

Four regional IPOs raised $1.8bn in third quarter

Muscat: The Middle East and North Africa (Mena) region saw four initial public offerings (IPOs) raised total proceeds of $1. 836 billion during the third quarter (Q3) 2021, a 1, 483 per cent increase in value in the same quarter in 2020, a new report said. "The number of IPOs increased from one in Q3 2020, representing a 300 per cent surge. 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, Ernst and Young (EY) said in its latest report. 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 per cent of its shares. The offering was oversubscribed multiple times, with Mubadala continuing to retain a circa 60 per cent shareholding in the company. Equity markets have also had an exceptional