Three #Dubai IPOs in Works as Bourse Promotes Local Listings - Bloomberg

Three Dubai IPOs in Works as Bourse Promotes Local Listings - Bloomberg:

Three companies are preparing initial public offerings for trading on Dubai’s main stock exchange, the bourse said, potentially ending a 17-month IPO drought as it boosts efforts to entice local firms to list domestically rather than abroad.

“We are at different stages of discussions with potential issuers including three companies from the industry, oil and gas services as well as healthcare sectors,” exchange operator Dubai Financial Market PJSC said in an emailed response to questions. The timing of the deals is up to the companies, it said.

Liquidity in Dubai’s main stock market has slumped in the past four years as a drop in oil prices hampered economies across the Gulf, reducing trading volumes and slowing share sales. The last IPO on the DFM was in late 2017, when Emaar Development PJSC sold $1.3 billion in new shares. Last week, Dubai-based Network International raised 1.1 billion pounds ($1.4 billion) for a London listing.