Baladna, Rameda IPO in Middle East Today Beyond Aramco - Bloomberg:
As the eyes of the world were on the blockbuster market debut of Saudi Aramco, two much smaller Middle East stock listings snuck in underneath the radars of many investors.
Dairy producer Baladna fell 1% in Doha after raising $390 million in an offer that was restricted to locals, erasing gains at the open of as much as 5.9%. And in Cairo, a pharmaceutical company known as Rameda lost as much as 13% after raising about $109 million.
The stocks’ debuts indicate that listing activity is picking up in the Middle East after what has been a quiet year. The most recent listing in Saudi Arabia for a company bigger than $100 million was in June, while no IPOs happened in the United Arab Emirates this year.
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