GCC to see more IPOs in coming months

GCC to see more IPOs in coming months

Muscat: The initial public offering (IPO) market has been booming in the region compared to other parts of the world where a significant slowdown took place, according to an industry expert.

“The trend in the GCC and Oman was fuelled by the introduction of big state-owned companies in a bid to draw private companies to the stock market and to create a surge in liquidity and interest among investors,” Abdelhadi Laabi Chief Marketing Officer, Emporium Capital, said.

“The new listings have so far been successful and were able to attract large inflows of capital and have been largely oversubscribed,” he added.

Speaking about the new IPOs planned in the Gulf Cooperation Council (GCC), he said that several share sales are planned or expected in the region like Empower in the Dubai Financial Market (DFM) which will start its subscription period by the next month.

The listing of other state-owned companies in the UAE could soon be announced as well and we can mention Bayanat in Abu Dhabi while Tadawul (Saudi stock market) is expecting 18 IPOs in the next three months, Laabi said.

So far the GCC region as a whole witnessed strong IPOs this year with the likes of DEWA, Borouge, or Salik, drawing