By Staff writer
During the three-month period, there were a total of four regional IPOs in MENA
Initial public offerings (IPOs) in the region raised
US$82.8m in the first quarter of this year, according to data compiled by Ernst
During the three-month period, there were a total of four
regional IPOs in MENA, the same number as in the year-ago quarter, although the
amount raised was 3.8 times that of the US$21.7m raised in 1Q2011.
though we have seen an improvement in the performance of regional bourses, this
has not yet translated into a consistent increase in regional IPO activity,” commented
Phil Gandier, MENA head of transaction advisory services, Ernst & Young.
“The IPO markets have
been very quiet since 2009 mainly due to lower than acceptable valuations than
private and family businesses were willing to accept,” he added.
Two of the IPOs during
the quarter were in Saudi Arabia. Saudi Takween Advanced Industries raised
US$62.38m when it floated, while Tokio Marine Saudi Arabia raised US$16m.
In Morocco, Afric
Industries raised US$3.11m, while Tunisia’s Hexabyte raked in US$1.31m.
On a global basis, a
total of 157 deals raised US$14.3bn, the lowest level of global IPO activity