Value of Mena IPOs in fourth quarter of 2019 hits $30bn – The National

Value of Mena IPOs in fourth quarter of 2019 hits $30bn – The National

Saudi Aramco's record-breaking market debut leads to 3,000% hike in value of Gulf market listings. The value of IPO deals in the Gulf during the last quarter of 2019 increased by more than 3,000 per cent as a result of Saudi Aramco's record-breaking market debut.. Four IPOs took place in the Gulf, generating $29.9bn.. "Both the global market and the MENA market saw activity pick up during Q4 2019," said Matthew Benson, leader of EY's Mena transaction advisory business.. Overall, the number of IPOs that took place in the MENA region last year fell to 14, from 26 in 2018.. "IPO activity has remained broadly stable year-on-year," Mr Benson said.. Other notable listings to take place during the quarter include the $33m flotation of the company running the Kuwait stock market, Boursa Kuwait, which was the first listing in the country for a decade.. Musandam Power Company also achieved a $23.1m listing of a 40 per cent stake on the Muscat Securities Market.. Several Gulf governments are taking steps to deepen capital markets by reforming rules to make listing easier.. "Until the Saudi Aramco IPO, economic challenges continued to impact investor confidence in the region in 2019..