Mena IPOs raise $350m in Q3

IPOInitial public offerings (IPOs) in the Mena region raised more than $350 million in Q3 this year. While the figure is a 33% drop on IPO activity in Q3 of 2017, it nevertheless represents a 21.9% rise in value, year-on-year. The figures were provided by consultant EY’s Mena IPO Eye report. EY’s Mena transactions leader Phil Gandier ascribed the 33% fall to the number of companies that shelved flotation plans due to global trade and regulatory concerns, uncertain market conditions and fluctuating oil prices among other factors. Given these factors, the year-on-year increase was all the more positive, said Gandier. The biggest IPO involved Saudi-based Leejam Sports Company which raised $220.6 million on the Saudi Stock Exchange. ©2018 funds global mena

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