NYSE Pitches US Listings to Gulf Tech Firms Amid Global Selloff - Bloomberg
The New York Stock Exchange is trying to lure Middle Eastern technology companies to list in the US, promising access to a broader investor base and deeper capital markets, even amid heightened volatility that’s scuppered listings worldwide.
“We have spoken to some companies in the region,” NYSE’s head of international capital markets Alexandre Ibrahim said, without naming the firms. “They could come here without a capital raise or conduct an initial public offering in the capital markets,” he said. “There are a lot of unicorns in the Middle East already.”
Regional tech startups include SoftBank Group Corp.-backed cloud kitchen startup Kitopi -- a unicorn -- as well as e-commerce firm Noon, used-car marketplace SellAnyCar.com and online baby shop Mumzworld.
The US has long been the destination of choice for tech startups globally, which flocked to its liquid markets and high valuations. But the Middle East is now in the midst of an IPO boom -- one of the lone bright spots in an otherwise gloomy market for new share sales -- as governments list state assets to fund a transition away from a fossil fuel economy.
No comments:
Post a Comment