Middle East maintains IPO momentum into 2023, EY says, despite slowdown | Reuters

Middle East maintains IPO momentum into 2023, EY says, despite slowdown | Reuters

Middle East companies raised nearly 16% of the total proceeds from initial public offerings (IPOs) globally in the first quarter, as the region's momentum from a blockbuster 2022 continued, consulting firm EY said on Wednesday.

Companies in the region raised $3.4 billion in the first quarter from 10 IPOs. That included a $2.5 billion listing by ADNOC Gas, a unit of Abu Dhabi's state oil giant, which was the quarter's largest IPO globally.

"MENA IPOs continue to go against global trends in these uncertain economic times, building on the momentum from last year," Brad Watson, EY's Middle East and North Africa (MENA) strategy and transactions leader, said in a statement.

Middle East companies last year raised some $21.9 billion through IPOs, Dealogic data shows, more than half the total for the Europe, Middle East and Africa region.

MENA saw a 33% drop in the number of IPOs and a 14% fall in value in the first quarter from the year-prior period.