MENA equity capital markets raised $14.5bln in 2021 - Refinitiv | ZAWYA MENA Edition

MENA equity capital markets raised $14.5bln in 2021 - Refinitiv | ZAWYA MENA Edition

MENA equity capital markets (ECM) raised $14.5 billion from 42 offerings in 2021, a 193 percent increase in proceeds from last year and a 13-year-high in the number of ECM deals, according to Refinitiv data.

IPOs raised $8.2 billion in 2021, accounting for 56 percent of total proceeds, a 341 percent increase from 2020. Follow-on issuances totalled $5.1 billion in 2021, a 65 percent increase from last year and a thirteen-year high.

The largest equity offering of the year was Saudi Telecom’s follow-on issuance of $3.2 billion after the sovereign wealth fund, Public Investment Fund, sold 6 percent of its stake. This was followed by ACWA Power International’s IPO which raised $1.2 billion. Abu Dhabi ADNOC Distribution raised $1.19 billion in a convertible bond sale. Also, in an IPO of a part of its drilling subsidiary, ADNOC raised $1.10 billion. Finally, the Saudi Tadawul Group Holding Co. raised just over $1 billion in share sale.