MENA equity capital market activity surged to $2.1bln in H1

MENA equity capital market activity surged to $2.1bln in H1

Equity and equity-related issuance in the MENA region totalled $2.1 billion during the first half of 2021 marking a 139 percent increase in proceeds and the highest total since 2018, according to Refinitiv data. The UAE was the most active country in equity capital market (ECM) activity with $1.7 billion in proceeds raised. This compares with the just over $30 million equity and equity-related issuances in the year-ago period in the UAE. Half of this total came from the largest equity offering of the year - the 's (ADNOC) convertible offering of $1.1 billion in May 2021. ADNOC Distribution had also a follow-on private placement of 375 million shares for gross proceeds of $445 million. Saudi Arabia saw a 64 percent year-on-year drop in issuances to nearly $800 million year to date. However, the kingdom had two initial public offerings during the period, the most by any country in the region. One was Alkhorayef Water & Power Tech's IPO in early March on the Saudi Arabia's Tadawul Stock Exchange, raising $144 million. The second was Theeb Rent-a-Car, which listed 30 percent of its shares in an IPO on Riyadh's Tadawul exchange, raising $137.6 million. The only other IPO in the