Wall Street Organizes Field Trips to Red-Hot Gulf IPO Market - Bloomberg
Top US banks, including Citigroup Inc. and JPMorgan Chase & Co., are whisking fund managers off to the Middle East’s booming IPO market to meet the flood of companies looking to go public, people familiar with the matter said.
Bank of America Corp. and others are also considering organizing so-called reverse roadshows for investors, according to the people. Investment giants BlackRock Inc. and Fidelity, as well as hedge funds, are among those to have either participated in the trips or made their own visits, they said.
Once in the Middle East, the money managers are meeting a range of companies, from those planning an initial public offering to others that may consider doing so in the near term, the people said, asking not to be identified discussing confidential information.
The meet-and-greet trips being organized by the US investment banks come amid a surge in IPOs in the Middle East. The region has been a bright spot in an otherwise bleak landscape for share sales, which are near a two-decade low globally as investor demand craters on recession fears.
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