Initial public offerings (IPO) in the six nation Gulf Corporation Council (GCC) markets continued spiralling downwards in the fourth quarter of 2011 summing up a difficult year for IPOs on the regional exchanges. The three IPOs in Q4 2011 raised a total of USD 212m, with offering values falling marginally by 3% compared to the third quarter of 2011 but down significantly by 79% year on year, says PwC, a leading international professional services organisation.
Saudi Arabia continued to lead the GCC markets with two IPOs in the last quarter of 2011 contributing USD 148m or 70% of the total amount raised on the GCC exchanges. The only other IPO in the GCC during Q4 2011 was Oman’s SMN Power Holding which raised USD 63.8m. Although the number of IPOs in the last quarter of 2011 remained the same as Q4 2010, the average IPO size decreased significantly from USD 343m to USD 71m in Q4 2011.
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