Dubai: Middle-East companies raised $83.6 million through two IPOs in the first quarter of this year. However, this is 97.9 per cent lower as against fund raised in 2008, an Ernst & Young report has said.
$3.98 billion was raised through 13 IPOs in the first quarter of 2008, Ernst & Young's first quarter Global IPO update 2009 has said.
Saudi Arabia's Etihad Atheeb Telecommunications was the largest IPO in the Middle East during this period, which raised $80 million and listed on the Riyadh Stock Exchange. The company was ranked third in terms of capital raised among a total of 50 IPOs worldwide, all of which raised just $1.4 billion, it said.
A Syrian company, Al Adham Foreign Exchange Co, was the only other regional IPO in Q1 2009. It raised $3.62 million and listed on the Damascus Stock Exchange.
|Source: Asian CERC|