Initial public offerings (IPOs) in the Gulf Corporation Council (GCC) markets continued spiraling downward 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 $212 million, with offering values falling marginally by 3 percent compared to the third quarter of 2011 but down significantly by 79 percent year on year, says PwC, a leading international professional services organization.
Saudi Arabia continued to lead the GCC markets with two IPOs in the last quarter of 2011 contributing $148 million or 70 percent 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 $63.8 million. 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 $71 million in Q4, 2011.
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