Saudi Arabia leads region in IPOs

19 Jul 2010

(MENAFN) According to PricewaterhouseCoopers, Saudi Arabia still leads the region in initial public offerings (IPO) in the first six months of this with seven of the eight taking place in the kingdom, Khaleej Times reported.

The leading global sprofessional services firm said that Saudi Arabia has seen seven of the eight regional IPOs finance raising through the issue of company equity to investors in the region, just higher than the seven for the region in total for the first half of 2009.

The total amount raised at the end of June 2010 was $830 million, 31.4 percent lower than the $1.209 billion raised during the same period in 2009.

The largest IPO in 2010, as of 30 June, was for Knowledge Economic City Company in the kingdom which raised $272 million, the equivalent of 32.7 per cent of the total capital raised in the GCC. The major factor behind the fall in value in 2010 compared to 2009 is due to the large Vodafone Qatar IPO which raised $952million in the first quarter of 2009.

The only non-Saudi IPO of 2010 was in Qatar, for the Mazaya Qatar Real Estate Development Company, which raised $144 million in the first quarter. However, Europe and China are still raising more capital than the GCC equity markets.

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