![]() ![]() The company has received approval to offer 15 million shares, amounting to 30% of its share capital. ![]() Another anticipated IPO is that of Arabian Contracting Services Co. Saudi Telecom Company has been given approval at the end of June to list 24 million shares of its subsidiary Arabian Internet and Communications Services Company. This potentially is further assisted by the Kingdom of Bahrain’s adoption of the Global Industry Classification Standard from 11 July 2021 to improve effectiveness and transparency in its capital markets, the 2020 amendment to UAE company law, the recent launch of the Nasdaq Dubai Growth Market designed to provide access to the capital markets for small and medium enterprises (SMEs) and a number of governments in the region looking to privatise government assets.Īlthough Tadawul has been unusually inactive in Q2 2021, its IPO pipeline for the rest of the year looks promising. Notwithstanding the reduced IPO activity this quarter, there remains a market consensus that there will be further IPOs across the region this year as we move into a post COVID-19 economy. By the close of its first day of trading, the addition of Alpha Dhabi brought the market capitalization of all the shares listed on the ADX to over AED 1 trillion for the first time. The listing led Alpha Dhabi’s parent company, International Holding Company (IHC), to become the largest company by market capitalization on the Abu Dhabi stock exchange. The total paid in capital of the company was approximately USD 2.7 billion. This dual listed fund is the first indexed cryptocurrency digital asset-based fund in the Middle East and North Africa.Īlpha Dhabi Holding PJSC publicly listed on the Abu Dhabi stock exchange by way of a direct listing in June 2021. The fund offers investors an indirect exposure to Bitcoins, potentially reflecting the region’s interest in alternative investments. Nasdaq Dubai welcomed the secondary listing of The Bitcoin Fund in June, which was primarily listed on the Toronto Stock Exchange in January this year. This quarter saw no IPOs but there were still some notable equity transactions. 2021 started promisingly with 5 IPOs across the region after a difficult 2020 which had been hit hard by the impact of COVID-19. ![]()
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