News Column

GCC markets end Q2 with 7 IPOs

August 13, 2014

Staff Report



Abu Dhabi: The initial public offering (IPO) market in the GCC in the second quarter of this year started off and ended on a high note, with a total of seven IPOs, marking an increase over the two IPOs in the first quarter of 2014, according to a report released by audit firm, PricewaterhouseCoopers (Pwc).

The quarter saw its first IPO in April with UAE-based company, Emirates REIT Limited, listing on Nasdaq Dubai, and raising $201 million (Dh739.2 million). Also in April, Marka PJSC, another UAE-based company, listed on the Dubai Financial Market (DFM) and raised $77 million.

Meanwhile, the Saudi Arabian Stock Exchange, Tadawul, saw three IPOs in the second quarter Umm Al Qura Cement Company, Abdulmohsen Alhokair Group for Tourism and Development Co., and Al Hammadi Company for Development and Investment raising $73 million, $220 million, and $168 million respectively.

In Oman, there were two power company listings; Al Suwaidi Power Company SAOG, and Al Batinah Power Co SAOG, raising $84 million and $78 million respectively.

The total value of the seven IPOs in the second quarter was $902 million up from $48 million raised from three IPOs during the same time last year.

The IPOs bring the total for the first half of the year to nine, which raised $1,855 million compared to five IPOs raising $385 million in H1 2013, an 80 per cent increase in volume and 381 per cent increase in value.

The outlook for the GCC appears to be strong particularly looking towards the later part of 2014 and into 2015, according to Pwc.


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Source: Gulf News (United Arab Emirates)


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