The deals follow the $451 million IPO of Investcorp Capital Plc, an investment vehicle backed by the Middle East’s biggest alternative asset manager, which made its Abu Dhabi debut last week. Later on Tuesday, the region’s largest broadcaster said it’s hired banks for an initial public offering in Saudi Arabia in a deal that’s set to add to the $3.2 billion raised so far this year from IPO’s in the biggest Gulf market. Meantime, the biggest Mideast health-care platform announced plans to list, while crypto mining hardware retailer Phoenix Group Plc said its $371 million IPO was about 33 times oversubscribed. The flurry of deals started early on Tuesday, as investors piled into Dubai Taxi Co.’s $315 million IPO - a deal that marked the emirate’s first privatization in a year.
(Bloomberg) - The market for new share sales sprang to life in the Middle East, where investors snapped up all stock on offer in a taxi company in under an hour and put in orders worth $12 billion for a crypto-related firm, against the backdrop of a subdued market for global listings and the Israel-Hamas war.
