Mena IPOs down 87% in first half of 2009

IPO activity in the Middle East and North Africa (Mena) declined by a staggering 87 per cent during the first half of 2009 compared to the corresponding period of 2008, data showed.

According to Zawya.com data, Mena markets collectively raised $1.21 billion (Dh4.44bn) in H1 2009, down from $9.3bn during the same period last year.

However, the tide seems to be turning in favour of primary markets with capital raised during the second quarter of this year through initial offerings up 13.5 times from that raised during the first quarter, when capital markets across the world were at a virtual standstill thanks to the global liquidity crunch.