The Clap
An Ernst & Young report revealed an increase in the number of companies listed for trading by 288% YoY in the first nine months of this year, with deals amounting to $14.7 billion, a 550% increase in deal value YoY.
The Deets
The report indicated that the MENA region registered 7 IPOs during Q3 2022, raising total revenues by around $1.5 billion and bringing the total number of IPOs in the region to 31 since the beginning of the year.
Saudi Arabia
KSA contributed the most to the IPOs in Q3 through two IPOs on the main market (Tadawul), and three IPOs in the parallel market (Nomu), bringing in total revenues of $490 million.
Numbers
Al Amar’s (6014) IPO is the largest in Q3, bringing in revenues of $326 million and being oversubscribed by about 48 times.
Naqi Water (2282) also raised $110 million in revenue and was oversubscribed by more than 30 times.
So What
The report indicated that IPO deals in the MENA region are still going in the opposite direction to global trends.
IPOs continue to show momentum despite weak global economic sentiment.
