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Article: IPO activity dries up in ME.
- Article from:
- 7 Days (Dubai, United Arab Emirates)
- Article date:
- January 5, 2009
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IPO activity dries up in Middle East Funds raised via initial public offerings (IPOs) in the Middle East fell sharply to just $22.4 million in October and November compared to $6 billion a year earlier, a report claimed yesterday. Professional services firm Ernst and Young said only three IPOs came to market in those two months, compared to ten in the same period in 2007. The region did, however, raise $13.4 billion through 55 IPOs from January to November, up 4.6 per cent on the $12.8 billion generated for all of 2007. "Issuers are not willing to accept current market valuations and therefore scheduled IPOs coming to the markets are being delayed," said Phil Gandier, ...