Ernst & Young: Middle East raises USD 420.5mn from IPOs in Q1.

By bne IntelliNews May 10, 2010
According to a report by Ernst & Young's Middle East, the initial public offering (IPO) activity in the Middle East rose fivefold to reach USD 420.5mn in the funds raised in Q1 of the year from six IPO operations. The increase was mainly due to the strong performance of the Saudi and Qatari markets in particular where five IPOs in Saudi Arabia and one in Qatar took place, the report added. The region's largest IPO was made by Mazaya Qatar Real Estate Development with USD 144.2mn, followed by Saudi Arabia 's Herfy Food Services (USD 110.2mn) and Alsorayai Trading Industrial Group (USD 64.8mn). The Middle East raised USD 91.6mn from IPOs in Q4 last year.  
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