A surge in number of floats in the GCC following the launch of the Parallel Market in Saudi Arabia creating a new platform for IPOs
A positive start to the year as the first quarter (“Q1”) of 2017 saw a record high in number of IPOs (10) issued during one quarter in the Gulf Cooperation Council (“GCC”) within the past 5 years. The Saudi Stock Exchange (“Tadawul”) launched the first parallel market (“NOMU”) in the GCC. NOMU is an alternative equity market to the Tadawul, aimed at smaller cap companies although provides the possibility for companies to transition to the main market after a period of time. The launch of NOMU was marked by the successful listing of 7 IPOs.