In line with global IPO trends, the GCC has witnessed a dismal start to the year but has still managed to outperform the US and Europe, new data shows.
In the first quarter of 2009, the GCC has seen only one fund-raising IPO, that of Etihad Atheeb Telecommunication Company which raised $80 million (Dh293m) on Tadawul in Saudi Arabia.
This compares to nine IPOs in the GCC in the first quarter of 2008 which raised $3,976m representing a 98 per cent drop in terms of value and 89 per cent in volume. Drake and Scull listed on the DFM in the quarter but didn't raise any money – having raised its IPO proceeds last July.
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