عرض العناصر حسب علامة : IPO الاكتتاب العام
الثلاثاء, 02 مارس 2021 14:07
هل يمكن أن تكون حالة عدم اليقين اليوم هي أفضل فرصة لك للاستعداد؟
بشكل عام، ظل نشاط الاكتتاب العام في منطقة الشرق الأوسط وشمال إفريقيا هادئًا نسبيًا في عام 2020
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المحتوى بالإنجليزية
Could today’s uncertainty be your best opportunity to prepare
At the start of 2020, the IPO market in MENA had looked promising, but the COVID-19 pandemic resulted in fewer listings muting the rest of the year. According to the MENA IPO Eye Q4 2020 report, total proceeds of the nine IPOs amounted to US$1.86b, which was still down by 94% compared to 2019 , primarily due to the listing of Saudi Aramco during 2019.
Naturally, during 2020, many IPOs were placed on hold, though activity picked up toward the end of the year. In fact, in Q4 2020, four MENA IPOs accounted for the strongest quarter of 2020, raising US$925m in total. During that time, three MENA markets, Dubai, Qatar and Morocco saw IPOs in markets that have been otherwise quiet in previous years.
The resulting impact of reduced oil demand and declining prices, due to the COVID-19 pandemic, had a considerable effect on both the drop in economic growth in the region and the MENA stock performance. Though valuations and equity markets in MENA experienced increased volatility and significantly higher daily trading values, the Tadawul recovered from its drop of nearly 30% to finish the year with a positive return of 3.60%.
Saudi Arabia remains a resilient active IPO market. With high valuations and government incentives, the region expects an additional ten listings to hit in 2021. In 2020, Tadawul introduced new initiatives as well as direct listings on Nomu, and the launch of their derivatives market supported by Muqassa, Tadawul’s clearing house. In Q4 2020, disclosures became mandatory in both Arabic and English and daily price fluctuation limits increased. All four IPOs on Tadawul reached their price fluctuation limit on the first day of listing (20% for Nomu and 10% on the main market). Nomu (the parallel market) price fluctuation limits were permanently increased from 20% to 30%. The region’s largest exchange is preparing for its own IPO, with the listing expected in 2022, which will make it the third publicly listed stock exchange in the region.
Despite the COVID-19 pandemic, 2020 was a big year for the UAE with new initiatives and its first IPO in years (Al Mal Capital REIT). The region’s new regulations offer added flexibility with the objective of increasing the number of listings. These developments include: changes to nationality requirements, flexibility in foreign ownership, and more. The ADX Second Market in Abu Dhabi saw four listings in 2020, while its shareholder ADQ launched Q Market Makers (QMM) which expects to enhance market liquidity on ADX. DFM also launched their equity derivatives platform and saw their first REIT IPO, bringing the total REIT listings to three in the UAE. Nasdaq Dubai also announced its expected 2021 launch of Growth Market for SMEs, supporting the frameworks developed by Dubai Financial Services Authority (DFSA). Key amendments were also made to the UAE Companies Law including:
IPO, mergers and acquisitions: public offerings from founders of private joint-stock companies (PJSCs) have increased from a cap of 30% to 70%, and will only be subject to a six-month lockup from the date of conversion to a PJSC.
Flexible foreign ownership: LLCs can now be 100% foreign owned as opposed to the previous 51% UAE-owned, unless carrying on “Activities of Strategic Effect”.
PJSC board members nationality requirements: The chairman and majority of directors are no longer required to be UAE nationals, unless related to Activities of Strategic Effect, which will then be determined by the cabinet.
In Qatar, news of a market introduction of the book-building process followed a meeting between Qatar Stock Exchange (QSE) and the Qatar Financial Market Authority (QFMA). The IPO of QLife and Medical (QLM) Insurance Company was the first for QSE since Baladna in 2019 and the third largest IPO in MENA in 2020, raising over US$179m. In Q4 2020, Qatar Investment Authority (QIA) acquired 10% of Borsa Istanbul A.S, the main stock exchange in Turkey, for US$200m.
After its IPO in Q4 2019, Boursa Kuwait officially became a listed company during Q3 2020 and saw its shares surge more than ten-fold on the first public trading day. Prior to the listing, the shares were being traded in the local OTC market. Shamal Az-Zour Al-Oula Power and Water Company also completed its listing in Q3 2020 after raising capital in 2019 and became the first publicly traded PPP company in Kuwait. In an otherwise quiet year, Kuwait also entered the MSCI Emerging Markets index in Q4 2020, which now includes seven companies, including the National Bank of Kuwait (NBK), Zain and Agility, among others.
In Oman, the pandemic resulted in reduced spending and new noteworthy tax implementations. As of April 2021, a VAT of 5% will be due, and income tax on high earners is expected in 2022. In 2020, the first IPO in MENA came from Aman REIF in Oman raising US$52.5m, the next expected IPO is Oman REIF scheduled for early 2021. The highly anticipated listing of government owned OQ (Oman Oil and Orpic Group) was scheduled to IPO in 2020 but never actualized, though in Q4 2020, they reported plans to invest in alternative energy projects.
In 2020, Bahrain Bourse announced its enhanced delivery-versus payment (DVP) model to activate the custody model in the market. In Q4 2020, it was also elected to become a member of the board of directors at the Arab Federation Exchange (AFE). 2020 was a year of expansion and sustainability focus. According to the Bahrain Economic Development Board, the country attracted US$885m in direct investments. This while, environmental social and governance (ESG) voluntary guidelines were introduced to promote sustainability and transparency in the market.
Though 14 companies were expected to IPO in Egypt in 2020, only Emerald Real Estate Investments managed to list, raising US$13m in Q1 2020. Privatization plans for state-owned companies were suspended mid-year, though Egypt announced plans to privatize three army-affiliated companies by early 2021. Parliament also approved a reduction of stamp duty on the sale of securities, and the Financial Regulatory Authority (AFRA) announced new Egyptian Accounting standards set to implement in 2021.
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الإثنين, 15 فبراير 2021 16:13
ارنست اند يونج أفضل مدقق حسابات اكتتاب عام عالميًا في عام 2020
دعم الشركات للاكتتاب العام وتقييم المعاملات الاستراتيجية
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المحتوى بالإنجليزية
Supporting companies to go public and evaluate strategic transactions.
Initial public offerings (IPOs) can help companies raise the capital they need to unlock their growth ambitions, become market leaders and provide shareholders with greater liquidity alternatives. IPO-bound companies typically run multitrack strategies, assessing mergers and acquisitions alongside an IPO, and evaluating listing options around the world to raise capital and deliver an optimal valuation to shareholders.
Whichever route you take, early and holistic preparation is key, and our insights as a leader in IPO advisory can help show the way. Leveraging world-class frameworks like the EY 7 Drivers of Growth, EY can advise you on how to prepare for, and execute, a successful transaction, as well as sustain growth post transaction. The hard work of being a public company continues after the IPO.
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