GCC IPO Market Watch

IPO Market Watch GCC surveys conventional bond and Islamic issuance and new primary market equity IPOs on GCC’s principal stock markets and market segments (including exchanges in Kingdom of Saudi Arabia, Kingdom of Bahrain, Kuwait, Sultanate of Oman, Qatar and the United Arab Emirates) on a quarterly basis. All market data is sourced from publically available information and has not been independently verified by PwC.

GCC IPO Market Watch 2016

Q4, 2016

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One IPO in Q4 2016 in the GCC

Volatile oil prices and geopolitical uncertainties continue to take centre stage, the region witnessed a record year in sovereign bond issuance eclipsing a sluggish IPO performance.

Q3, 2016

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No IPOs in Q3 2016 in the GCC

Q3 of 2016 saw no IPO activity across the GCC markets reflecting the most depressed IPO market conditions since Q3 2015. Although activity in 2016 has been quite low, Q3 2016 activity levels reflect the impact of uncertainties seen across the region.

Q2, 2016

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Two IPOs in Q2 2016 in the GCC

IPO performance in the Gulf Cooperation Council (“GCC”) in the second quarter (“Q2”) of 2016 remained low as oil prices and global economic volatility, regional political unrest as well as the recent UK vote on the referendum to leave the...

Q1, 2016

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One IPO in Q1 2016 in the Kingdom

IPO performance in the Gulf Cooperation Council (“GCC”) in the first quarter (“Q1”) of 2016 remained relatively sluggish in terms of the number of IPOs as volatility in oil prices and the slowdown in the global economic environment impacted...

GCC IPO Market Watch 2015

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Q4, 2015

One IPO in the GCC in Q4 2015 bringing a volatile year for capital markets to an end

The final quarter (“Q4”) of 2015 echoed the sluggish IPO performance in Q3 proving that 2015 was a volatile year for IPOs in the Gulf Cooperation Council (“GCC” or the “Gulf”). The theme of uncertainty and negative market sentiment materialised in the second half (“H2”) of 2015 on the back of fluctuations in oil prices and ongoing regional and global political and economic instability, according to PwC Middle East Capital Markets and Accounting Advisory Services team.

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Q3, 2015

Challenging time for IPO’s in the GCC with muted activity in Q3 2015 reflecting the continued economic and political concerns surrounding the region

The revival of investor sentiment and interest in Initial Public Offerings (“IPOs”) in the Gulf Cooperation Council (“GCC”) countries experienced in 2014, slowed down in the first quarter (“Q1”) of 2015, slightly picking up pace in Q2 and further slowing down in Q3 of the year. Regional IPO activity in Q3 is usually slower due to summer holidays, the Holy month of Ramadan and Eid. This seasonal trend was perhaps exaggerated in Q3 as markets absorbed the impact of continued lower oil prices, growing geopolitical concerns and wider economic uncertainty, thus potentially impacting new issuers coming to market, according to PwC’s Capital Markets and Accounting Advisory Services team.

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Download IPO Market Watch Q3, 2015 in Arabic
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Q2, 2015

Positive signs with some activity in the GCC IPO market in Q2 2015; however, the number of issuers going to market remains relatively modest

IPO performance in the Gulf Cooperation Council (“GCC”) showed signs of recovery in terms of the number of offerings and total money raised in the second quarter (“Q2”) of 2015 compared to the first quarter suggesting some interest in listing ahead of the traditional quiet Holy Month of Ramadan and summer period. The most active IPO market in Q2 2015, and during the year so far, was the Kingdom of Saudi Arabia, which accounted for 75% (3) of the total number of IPOs and 87% (USD 1.0 billion) of total money raised in Q2 2015, according to PwC’s Capital Markets and Accounting Advisory Services team.

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Q1, 2015

2015 saw a reversal in optimism witnessed in 2014 as the oil price slide began to impact the market

The first quarter (“Q1”) of 2015 showed dampening optimism and lower IPO appetite for the Gulf Cooperation Council (“GCC”) countries as a result of the fall in oil prices which emerged towards the end of 2014. Oil is one of the key drivers of economic growth in the GCC, and the impact of the slump in oil prices has proved significant on the region’s economy and the IPO market. One example of this is Massar Solutions (“Massar”), which was set to IPO on the Abu Dhabi Securities Exchange in January 2015 and was forced to postpone its offering. The initial demand anticipated for the IPO was short lived following the drop in oil prices, which caused volatility in the market leaving investors feeling at risk and holding off any plans of investment.

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