Shares in Presight AI, a data analytics company, soared on Monday, their first day of trading on the Abu Dhabi bourse after a $496mn initial public offering that was 136 times oversubscribed.
The demand is no one-off. It comes two weeks after Adnoc Gas raised $2.5bn in the emirate’s biggest listing. They are among the latest in a fast-flowing pipeline of offerings in the Middle East that contrasts sharply with Europe’s moribund market.
The 51 IPOs across the Middle East and north Africa last year was a record, according to EY. They raised $22bn, a 179 per cent increase on 2021, the advisory firm said, adding that this year’s market looked “healthy”.
Miguel Azevedo, Citigroup’s chair of investment banking for the Middle East and Africa, said the region had “come on to the radar screen”.
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