Abu Dhabi launches 5 billion dirham IPO fund -media office | Reuters
Abu Dhabi's Supreme Council for Financial and Economic Affairs on Tuesday launched a 5 billion dirham ($1.4 billion) IPO fund to strengthen the Abu Dhabi Securities Exchange (ADX) as a leading stock market, the emirate's media office said in a tweet.
The IPO fund will invest in five to 10 private companies per year, with a focus on small and medium enterprises (SMEs). It will have a target ticket size of between 10% and 40% of the float, the media office added.
The Abu Dhabi stock index (.ADI) is the best performing market in the Gulf region this year, up 54% year to date, helped by higher oil prices, incentives to boost trading and more listings.
ADX is seeing a surge of new listings this year including companies owned by oil giant Abu Dhabi National Oil Co (ADNOC) and state investor Mubadala.
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