Middle East IPOs raised US$21.7 million in Q1 2011

Press release
Published May 24th, 2011 - 10:28 GMT
Ernst & Young
Ernst & Young

According to Ernst & Young’s Middle East IPO Update, regional capital markets raised US$21.7 M in the first quarter of 2011, down 94.8% from the US$420.4 M raised in the first quarter of 2010. The regional markets raised only 0.45% of global IPO funds in Q1 2011.

Nine IPOs expected to raised around US$4.7 Bn altogether were postponed or withdrawn in the Europe, Middle East and Africa region during March 2011, the largest monthly estimated volume since October 2008.

One IPO each in Syria and the UAE saw the lowest quarterly fund raising in MENA through the IPO route over the past five years. The Middle East Exchange Company in Syria raised US$ 3.1 M and the Insurance House in Abu Dhabi, UAE raised US$ 18.6 M.

Phil Gandier, MENA Head of Transaction Advisory Services, Ernst & Young says: “The regional IPO market has fallen to its lowest level in five years during the last quarter. Besides the significant developments across the region, the main factor driving the market down has been weak investor sentiment due to underperforming stock markets and risk aversion. This downward trend could be reversed in the second quarter if some of the announced and open IPOs firm up their plans and choose to list. The IPO of the National Takaful Company (Wataniya) in the UAE, which came in the second quarter and was oversubscribed seven times, demonstrates that investors may have begun warming up to the primary markets.”

But the global IPO picture is robust

US PE-backed listings drove global IPO activity in the first quarter of 2011, with the New York Stock Exchange (NYSE) taking the lead among world exchanges for the first time in two years. While the US exchanges began closing the gap on Chinese IPO dominance (32%), the Greater Chinese exchanges raised more than a third of total capital raised (52%) globally.

In the first three months of the year, global IPO activity saw 290 deals worth US$46.1 billion, down 14% by capital raised, compared to the same period last year. For the first time since 2008, the NYSE took the lead among world exchanges, raising US$13.8b (29.8%) of the total capital, followed by the US$11.2b (24.3%) capital raised on the Shenzhen Stock Exchange, (US$5.6b), Singapore (12.2%), and (US$4.5b), Shanghai (9.8%).

US IPOs boosted by a surge in PE exits

In Q1, the NYSE, NASDAQ and AMEX exchanges raised US$15b combined, driven by smaller companies, particularly in the health care and energy sectors. US PE investors continue to exit earlier leveraged investments, including America’s largest hospital chain operator, HCA Holdings Inc. which raised US$4.3b in March, the largest PE-backed IPO in history. Bolstered by rising oil prices, energy company Kinder Morgan, completed a US$3.3b IPO, the third largest PE-backed deal ever.

Asia issuers continue to lead by number of deals and capital raised

China and Hong Kong issuers continued to lead global IPO activity with 111 deals (accounting for 38.3% of total deals globally); valued at US$23.9b (52% of global fund raised). The largest global IPO in Q1 was the US$5.5b Singapore listing of Hong-Kong based transportation conglomerate, Hutchison Port Holdings, reflecting an upturn in global trade and container traffic following the global financial crisis. The second largest IPO in Asia (and the fifth largest globally) was the US$1.4b Shanghai listing of clean energy company, Sinovel Wind Group Co Ltd, maker of wind turbines.

Latin America raises more capital than Europe

Fuelled by high rates of GDP growth, domestic consumption, foreign capital inflows, and infrastructure investment, Brazil, Argentina and Mexico raised US$2.7b in seven IPOs globally. Latin America’s largest economy, Brazil conducted five IPOs, raising an impressive US$2.1b as local companies tapped the stock market to finance expansion plans.

By contrast, Europe raised just US$2.5b in 51 listings, well below the US$ 8.4b in 48 deals raised over the same period last year.  Although European IPO pipelines remain packed with companies keen for public capital, sovereign debt concerns and global uncertainty continue to hamper valuations and dampen European investor appetites.

Industrial and materials sectors dominate IPOs

In Q1, the industrials sector (particularly transportation and machinery companies), raised the most funds (US$12.6b). This was followed by the energy sector (US$7.9b in 23 deals) and health care sector (US$6.2b in 29 deals). By number of deals, the leading sectors were the materials sector (60 deals valued at US$4.6b), industrials sector (48 deals) and technology sector (35 deals worth US$2.8b).

Future outlook

Concludes Gregory K. Ericksen, Global Vice Chair for Strategic Growth Markets for Ernst & Young, “Recent turmoil in the Middle East and Japan has unsettled broader stock market indexes, spooked investors, and slowed down the pace of new issuances in March. However, investors have been waiting for some time now to invest their capital, and the IPO market is still open for the right growth story and realistic valuation.”

Background Information

Ernst & Young

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توقيف 41 شخصا في مظاهرات الجزائر

Published February 23rd, 2019 - 09:07 GMT
توقيف 41 شخصا في مظاهرات الجزائر
توقيف 41 شخصا في مظاهرات الجزائر

أعلنت المديرية العامة للأمن الوطني (الشرطة) الجزائرية، مساء الجمعة، توقيف 41 شخصا في مظاهرات شهدتها عدة مدن ضد ترشح الرئيس عبد العزيز بوتفليقة لولاية خامسة في انتخابات 18 أبريل/ نيسان القادم.

وأكدت إدارة الشرطة في بيان اطلعت عليه وكالة الاناضول أن عمليات التوقيف كانت بسبب “الإخلال بالنظام العام والاعتداء على القوة العامة وتحطيم الممتلكات” دون تقديم تفاصيل أكثر حول أماكن توقيف هؤلاء المتظاهرين.

والجمعة، استجاب آلاف المواطنين بعدة محافظات جزائرية، إلى دعوات للتظاهر تم تداولها عبر شبكات التواصل، ضد ترشح بوتفليقة (81 عاما) لولاية خامسة في انتخابات الرئاسة المقررة في 18 أبريل/ نيسان القادم.

واتسمت هذه المظاهرات بالسلمية في أغلب مناطق البلاد باستثناء حدوث مواجهات بين قوات مكافحة الشغب ومتظاهرين بوسط العاصمة خلال محاولتهم السير نحو القصر الرئاسي .

ووفق شهود عيان لجأت قوات الأمن إلى الغاز المسيل للدموع وتوقيف عدة أشخاص بعد تحذيرات للمتظاهرين وتعرضها للرشق بمقذوفات وحجارة قبل أن يتراجع المحتجون ويغادروا المكان.

وصبيحة اليوم نشر ناشطون معلومات عبر شبكات التواصل الاجتماعي حول توقيف عدد من زملائهم قبل بداية المظاهرات بالعاصمة.

وعلقت الرابطة الجزائرية للدفاع عن حقوق الإنسان (مستقلة) على بيان الشرطة بالمطالبة ب”الإفراج الفوري عن الموقوفين وان يتم احترام حق التظاهر سلميا” كما نشرت على صفحتها بموقع “فيسبوك”.

الأناضول


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