Frenzied demand for initial public offerings in the Middle East shows no signs of slowing, providing a rare bright spot as investors shun listings from the U.S. to Europe.
Saudi digital security company Elm Co. drew $57 billion in institutional orders for its IPO this week, almost 70 times the targeted proceeds. It priced at the top of its range, as did Scientific & Medical Equipment House Co. for its Riyadh offering.
Investors in Europe and the U.S. have by contrast stayed on the sidelines during recent market turbulence. In New York, more than $4 billion of blank-check offerings have been called off this year, while lack of demand forced U.S. human resources platform Justworks Inc. and Dutch startup WeTransfer to scrap listings. German drugmaker Cheplapharm and Spanish bank Ibercaja delayed IPO plans.
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