E-Paper
Sign In
Sat, Nov 16, 2024 | Jumada al-Awwal 15, 1446 | DXB
0°C
ADX sees 3 more IPOs in 2022 and 11 in 2023
Abu Dhabi Stock Exchange (ADX) expects 14 more initial public offerings (IPOs) to be launched for the remainder of this year and the next year.
In an interview with Bloomberg TV, Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, said three IPOs are likely to hit the market this year and 11 in 2023.
“Next year, it’s going to be an amazing pipeline… Over 11 companies (are) being either advised or in final stages for application approval for the listing on the Abu Dhabi stock market,” Al Shorafa said.
According to the latest EY Mena M&A Insights report, the UAE remained at the forefront of the Mena region, with 155 deals signed worth $17.2 billion in the first nine months of 2022. In total, the Mena region witnessed 524 deals worth $55.2 billion during the first nine months of the year.
On October 12, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office, and member of the board of Abu Dhabi Supreme Council for Financial and Economic Affairs, launched the Dh5-billion Abu Dhabi IPO Fund to act as a catalyst to strengthen ADX’s position as a leading stock market.
The fund will invest in five to 10 private companies per year, with a focus on SMEs, and with a target ticket size of between 10 and 40 per cent of the float. The fund will help private companies grow and support them through the IPO process by providing liquidity and by promoting equity research.
— waheedabbas@khaleejtimes.com
Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.
Sign Up For Breaking News Alerts
Be in the know. Get the latest breaking news delivered straight to your inbox.
Next Story