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The Middle East IPO market is expected to become active through a series of listings, which will help Abu Dhabi get closer to the regional leader Riyadh.
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The Middle East IPO market suddenly became active, a series of listings would raise billions of dollars, and Abu Dhabi began to catch up with the regional leader Riyadh.
At the time of the Abu Dhabi listing, the oil-rich emirate is pushing to revitalize the local exchange. Satellite operator Yahsat launched an IPO frenzy in July, becoming the first company listed on the exchange in nearly four years.
Since then, deals worth billions of dollars have been announced. On Monday, Abu Dhabi National Oil Co. (Abu Dhabi National Oil Co.) said it plans to sell shares in its drilling unit, which will be one of the largest initial public offerings in the United Arab Emirates. A day later, the sovereign wealth fund ADQ announced plans to list the Port of Abu Dhabi before the end of the year.
Other companies, including Fertiglobe, a fertilizer joint venture between UAE Global Aluminum Corporation and Adnoc, are also considering listing in Abu Dhabi. At the same time, Saudi Arabia has been the most popular IPO market in the Middle East for the past two years. This year, there are 3 listings in the main markets, and there will be more listings in the future.
STC solution
Saudi Telecom’s Internet services division is seeking to raise up to US$966 million through an IPO in Riyadh. The quotation was fully covered on the first day, which is another sign that demand for stock sales in the kingdom has been suppressed.
Adnoc drilling
The Abu Dhabi National Oil Company plans to sell shares in its drilling division through an initial public offering, and the business may be valued as high as 10 billion U.S. dollars. The book ordering work started on September 13.
ACWA power supply
Saudi Arabia’s ACWA Power International is held by the kingdom’s sovereign wealth fund with half of the shares, and the company will begin an IPO to seek to raise funds for the transition to a low-carbon energy producer. The listing may value the utility company at US$10 billion or more. The book ordering work started on September 15.
Abu Dhabi Port
The sovereign wealth fund ADQ plans to list the Port of Abu Dhabi on the UAE exchange before the end of the year.
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