11 UAE IPOs raise Dh51.2 billion in 2022

11 UAE IPOs raise Dh51.2 billion in 2022

Abu Dhabi: UAE’s financial markets witnessed 11 initial public offerings in 2022, which raised Dh51.2 billion, increasing the depth of the country’s bourses, enhancing their investment potential and attracting a new segment of investors. The IPOs, which saw total demand reach Dh1.454 trillion, have helped UAE and the region becoming a bright spot in an otherwise bleak global IPO market. Several local companies are proceeding with their plans to list on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) in the coming years, as UAE markets have so far shown resilience in the face of global volatility following the record success of IPOs in 2022, complementing the IPOs witnessed in 2021, including Fertiglobe, Adnoc Drilling, Alpha Dhabi and Multiply Group. The Dubai Electricity and Water Authority (Dewa) came out on top with a total revenue of Dh22.3 billion with the number of shares available in the public offering reaching nine billion, representing 18 per cent of the company’s capital, while Borouge’s offering achieved total revenues of more than Dh7.34 billion. Americana raised Dh6.62 billion in gross proceeds in its historic IPO on the ADX and Saudi Arabia’s Tadawul, while Abu Dhabi Ports succeeded in attracting new capital