MENA raises $22bln with record 51 IPOs in 2022: EY

MENA raises $22bln with record 51 IPOs in 2022: EY

The Mena region saw a record number of IPOs in 2022 with 51 IPOs and combined proceeds of $22 billion, said professional services firm EY in a new report.

The year witnessed a 143% increase in the number of listings when compared to the 21 announced in 2021, and a 179% hike in value when compared to last year, according to the EY Mena IPO Eye Q4 2022 report.

The strong run across the Mena region’s markets included 20 IPOs in Q4 2022 that raised $7.3 billion in proceeds. In terms of value, Q2 2022 was the strongest quarter with $9.2 billion in proceeds raised across nine IPOs.

Brad Watson, EY Mena Strategy and Transactions Leader, said: “Mena IPOs had a stellar 2022, with interest and liquidity in the region continuing to defy global trends. The number of IPOs in Q4 2022 was the highest at 20; however, Q2 marked the highest proceeds with the listing of Dubai Electricity and Water Authority (Dewa) on the Dubai Financial Market (DFM) which raised a record $6.1 billion. The year to watch will be 2023 as there is a healthy IPO pipeline across the region against the backdrop of a challenging and volatile global economic environment.”

Globally,