MidEast IPO activity soars in Q1

09 May 2010

(MENAFN) A report issued by Ernst & Young (E&Y) showed that initial public offerings (IPOs) across the Middle East raised $420.5 million in the first quarter of 2010, compared with just $83.6 million a year earlier, Khaleej Times reported.

According to the report, regional markets also performed better than the last quarter, which raised $91.6 million in fourth quarter 2009 through five IPOs.

Five IPOs in Saudi Arabia and one in Qatar made up the geographical composition of the regional IPO market for the first quarter of 2010.

Out of the total six IPOs this quarter, three were in the insurance/Takaful sectors. This trend was also observed in the previous quarter, when the regional markets went through a difficult phase, Ernst & Young said.

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