GCC IPO raised $140m in Q3
06 Nov 2017 - 11:08
The amount of money raised from IPOs during the third quarter of 2017 (Q3 2017) in the GCC amounted to $140m, lower by $31mn compared $171m recorded in Q2 2017.
Q3 2017 witnessed a total of four IPOs in the region.
Compared to the same period last year, Q3 2017 experienced a recovery as there were no IPOs in Q3 2016.
On a year to date (YTD) basis, 2017 has shown a significant increase in the number of IPOs with 17 offerings compared to four over the same period in 2016.
However, proceeds raised during YTD 2017 were 4 percent lower compared to YTD 2016, despite the increased number of IPOs, which was mainly due to the low value of IPOs listed on the NOMU parallel market in 2017.
Steve Drake, Head of PwC’s Capital Markets and Accounting Advisory Services team in the Middle East said: “GCC IPO market activity this quarter gained momentum representing a general improvement in market conditions and investor confidence in the region. We are seeing more and more companies engaging in IPO readiness activities, preparing themselves and getting ready for the right window. We expect to see companies go to market during 2018”.