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Saudi Arabia leads in IPO volume with five IPOs ADC was established by ADQ through its Alpha Oryx special purpose vehicle, and Chimera Investment as a SPAC for the purpose of identifying and acquiring one or more businesses. TECOM Group raised US$454 million and saw an oversubscription level of more than 21 times.ĪDC Acquisition Corp PJSC became the first special purpose acquisition company (SPAC) to ever be listed in the MENA region, raising US$99.9 million with its listing on the Abu Dhabi Securities Exchange (ADX). Borouge, the second-largest IPO during H1 2022, raised $2 billion with an aggregate oversubscription of almost 42 times. The order book was oversubscribed by 37 times. In the UAE, the Dubai Electricity and Water Authority (Dewa) raised over $6 billion, becoming the biggest IPO in EMEA since 2019 and the largest IPO to date in the UAE. Several Mena listings from a range of sectors were oversubscribed, which is encouraging for companies looking to list during the second half of this year,” he said. “The number and value of deals in the second quarter of this year confirms that investors still have an appetite for growth, yield and diversification. Heightened volatility caused by geopolitical tensions and macroeconomic factors, declining valuation and poor post-IPO share price performance led to the postponement of many global IPOs during the first half of 2022.īrad Watson, EY MENA Strategy and Transactions Leader, said Mena IPO activity continues to defy global trends and remains a bright spot in a challenging market. Omran added that the important factor for attracting an institutional investor is the market size and the periodicity of liquidity.Globally, 630 IPOs raised $95.4 billion in proceeds during the first half of 2022, which is a significant drop of 46 per cent in the number of IPOs and 58 per cent in the proceeds raised, as compared to first half of 2021.

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He explained that these indicators are the main reason behind the authority’s study to amend the registration rules, pointing out that implementation is difficult due to the current market conditions.

They are estimated to be EGP 548bn, compared to shares traded at a value of EGP 70bn, representing 15% of the total shares. He pointed out that 85% of the total securities in the Egyptian market are in the hands of the founders of companies and are not traded.

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The FRA is considering making an amendment to the registration rules to increase free trading after the stability of the markets following the Russian-Ukrainian war. He added that the authority aims to issue bonds and sukuk worth EGP 80bn by 2026, compared to about EGP 25bn in 2021, supported by the development of future securitization bonds. Omran added on the sidelines of a press conference on Sunday, that the total value of issuances in the primary stock market amounted to EGP 280bn during 2021. He expects the volume of issuances to reach EGP 390bn by 2026. He noted that FRA has received requests to establish a charitable fund focusing on green investment during the past days, and the carbon certificates will have an influential role in their approval.

Omran explained that the regulation of carbon certificates will help establish many green investment funds. This aims to allow market mechanisms to drive industrial and commercial operations towards emissions reduction. He stressed that the authority aims to amend the executive regulations of the capital market law by adding a regulation for carbon emissions certificates.Ĭarbon credit is a permit that allows the owner to emit a certain amount of carbon dioxide or other greenhouse gases. This would be made possible by adopting advanced technology to reduce carbon emissions that lead to global warming, and these certificates are known as carbon emissions certificates. He added that the authority continues to encourage companies to issue green bonds, and study the possibility of developing new financial instruments aimed at urging companies to reduce harmful carbon emissions. Omran expects the amendment to be issued and that these new instruments would be made available next week.

The Financial Regulatory Authority (FRA) has received two requests to establish investment funds in agriculture with a value of EGP 2bn, and the other in climate change response, the first of its kind in the Egyptian market, according to FRA Chairperson Mohamed Omran.ĭuring a press conference to announce the capital market strategy for the next four years, Omran said that the authority submitted a request to the prime minister to amend the regulation of financial instruments related to sustainability, including sustainability, gender equality, and green bonds, as well as carbon credit.

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