Middle East's IPOs down 9% y/y in H1.

By bne IntelliNews September 28, 2010
According to a report by Ernst and Young, initial public offerings (IPO) in the Middle East dropped by 9% y/y to USD 1bn in H1 of the year. The 11 small-sized IPOs were dominated by Saudi insurance companies during the period while the largest IPO was Saudi-based Knowledge Economic City Company, which raised USD 272mn or 46% of the regional total. The report cited over 100 IPOs announced for H2, but said only a few are likely to take place in the remaining two months of the year. In Q2 alone, the total capital raised for regional IPOs surged by 40% y/y to stand at USD 590.6mn, Ernst and Young figures showed.

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