Middle East IPOs In 2020 So far
Saudi Arabia
The Saudi Stock Exchange (Tadawul) is leading IPO activity in the region this year, with four listings with net proceeds totaling $1.4 billion. The kingdom has been encouraging family-owned businesses to list in a bid to deepen its capital markets under reforms aimed at weaning the country from reliance on hydrocarbons revenues. Market caps are as of October 26, 2020.
BinDawood Holding
Date of listing: October 2020 Amount raised: $585.2 million Market cap: $3.9 billion
Dr. Sulaiman Al-Habib Medical Services Group
Date of listing: March 2020 Amount raised: $700 million Market cap: $9 billion
Amlak International
Date of listing: July 2020 Amount raised: $116 million Market cap: $521.8 million
Sumou Real Estate Company
Date of listing: May 2020 Amount raised: $8 million Market cap: $420 million
Egypt
The Egypt Stock Exchange also had one IPO this year.
Emerald Real Estate Investments
Date of listing: February 2020 Amount raised: $13 million Market cap: $42.8 million