The Hindu Business Line : W. Asian IPO funds plunge this year: Report

DUBAI: Funds raised through initial public offers in the West Asian region declined sharply to $2.06 billion until November this year compared with $12.46 billion raised last year.

The West Asian markets raised $2.06 billion from 15 IPOs until November 25, the year-end IPO update by Ernst & Young said.

Of the four regional IPOs between October and November 2009, three were Saudi Arabian insurance companies and one bank in Syria.

Syria’s Albaraka Bank was the biggest IPO raising $37.23 million followed by Saudi Arabia’s Gulf General Cooperative Insurance Company (Al Khaleej Insurance) at $21.3 million.

Al Alamiya Cooperative Insurance Company and Buruj Cooperative Insurance Company, both from Saudi Arabia, raised $16 million and $13.87 million, respectively, E&Y said.

Globally, after stagnant markets in the first two quarters, IPO activity started to pick-up in the second half of 2009, driven by deals from Asia and South America.

These two regions have raised $68.6 billion in listings so far in 2009 accounting for 72 per cent of the total IPO value, according to the update.

The number of deals for the 11 months went down in 2009, with only 459 IPOs listing so far in 2009 (compared with 740 deals in 2008). — PTI

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