Limited IPO activity in 1Q2016, EY says
The MENA region saw only two IPOs raising USD 615 mn in 1Q2016, “representing another quarter with limited IPO activity,” according to EY. “Q1 2016 witnessed limited IPO activity, in line with H2 2015, as volatility in the Mena capital markets continued, primarily driven by fluctuating oil prices and certain global factors. Egypt and Saudi continue to lead the limited IPO activity in the Mena region driven by investor demand and strong fundamentals. There is a strong pipeline of companies in Mena that are IPO ready and waiting for the right time to go to market,” EY’s MENA Transaction Leader said. EY’s MENA Strategic Growth Markets and IPO Leader added that “Egypt and Saudi Arabia continue to be the most active Mena exchanges in Q1 2016, continuing on from 2015, where IPOs in Saudi Arabia and Egypt represented eight out 14 IPOs executed in the year.” We would expect the firm’s “IPO Eye” to appear here on its website alongside the 3Q and 4Q2015 editions, but it had yet to be posted as of dispatch time.