Middle East IPOs pick up in year-end rush, defying global gloom
- Date: 21-Nov-2023
- Source: Gulf News
- Sector:Financial Markets
- Country:UAE
Middle East IPOs pick up in year-end rush, defying global gloom
The deals follow the $451 million IPO of Investcorp Capital Plc, an investment vehicle backed by the Middle East's biggest alternative asset manager, which made its debut last week. Cryptocurrency mining hardware retailer Phoenix Group Plc has also drawn strong demand and is set to start trading next month in Abu Dhabi.
The slew of offerings in the UAE comes on the back of an 8 per cent rally in the MSCI GCC Countries Index since a late October low.
About $8.4 billion has been raised through IPOs in the Middle East this year, which is down 54 per cent from the bumper levels a year ago, data compiled by Bloomberg show. Still, all but one of the 12 listings raising at least $100 million have risen from their offer prices, the data show.
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