Middle Eastern companies have in 2012 raised more than double the amount via stock market listings than last year, creating some optimism that the long-term slump in equity market activity could turn round next year.
Initial public offerings recorded $2bn in 2012 compared with $843.9m in 2011, according to data released this week by professional services firm Ernst & Young. In the fourth quarter, three initial public offerings worth $339.8m took place, compared with $226.1m in the same period last year.
“Drawing comparisons over the past two years we have noticed a steady climb in the amount of funds being raised by IPOs possibly hinting that markets are inching towards better results,” says Phil Gandier, regional head of transaction advisory at Ernst & Young.
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