Gulf companies with stalled IPO plans could return to the market by the first half of next year as higher oil prices and the return of bank lending encourages new share sales.
Top international accountancy firms Pricewaterhouse Coopers and Ernst & Young expect to see investor appetite return for regional companies in 2010, despite continuing volatility across Gulf markets.
“Many companies that shelved IPO plans when the markets turned last year will now be thinking about when they should be reinvigorating their IPO plans for a 2010 listing,” said Steven Drake, who heads Middle East capital markets at PriceWaterhouseCoopers, the accountancy and advisory firm. “As it takes several months to prepare for a listing I expect to see IPO volumes pick up around Q1 or Q2 2010.”
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