Abu Dhabi, the largest and wealthiest of the seven emirates which make up the UAE, is leading the way in relieving the country's IPO drought, with at least three ready to launch in the first half. No company has been able to raise capital through an initial public offering (IPO) in the United Arab Emirates (UAE) in two years and Dubai-based Axiom Telecom cancelled its planned IPO just days before an expected listing. [ID:nLDE6B51YK] Now, Abu Dhabi property firm Eshraq and Insurance House, a unit of Finance House FH.AD, are set to test investor demand with listings on the Abu Dhabi Securities Exchange (ADX) expected in the first quarter. [ID:nLDE70419J]
Abu Dhabi National Insurance Co (ADNIC) is also planning to partner up with three other entities to launch an IPO for a still-to-be-created Islamic insurance company, two bankers said.
"At least three companies are ready to go public and talks are also going on about companies in Abu Dhabi's health sector to go public," a senior Abu Dhabi-based banker advising two firms told Reuters.
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