There were six times as many initial public offerings (IPOs) in the Middle East and North Africa (MENA) region in the first half of 2022 as the grouping of about 20 countries witnessed in H1 2021, according to global professional services group EY.
Twenty-four MENA-based companies, including two financial firms – the Saudi Home Loans (SHL) bank and United Arab Emirates (UAE) investment holding company ADC, – held IPOs during H1 2022, according to EY’s latest MENA IPO Eye quarterly report.
The IPOs raised $13.5bn in proceeds, which was about 30 times the amount brought in by the offerings held in H1 2021.
Dubai Electricity and Water Authority (DEWA) raised more than $6bn through what was the largest IPO in the Europe, Middle East and Africa (EMEA) region since 2019 and the biggest IPO to date in the UAE. The order book was 37 times oversubscribed.
SHL, which is a Saudi Islamic bank specialising in real estate financing, raised $159.9m via its IPO. ADC, an Abu Dhabi-headquartered company whose full name is ADC Acquisition Corporation, raised $99.9m.
In H1 2021, $425.8m was raised in four IPOs in MENA, according to EY.
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