Feb 16 2011 |
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GCC IPO - Investing in new opportunities
The GCC IPO fund is managed by Saudi Arabia-based Khalijia Invest , a Shari'ah compliant investment manager that specialises in corporate finance and asset management. Khalijia Invest started operations in December 2009 and launched the GCC IPO Fund on May 1, 2010.The fund is an open-ended Saudi Riyal denominated fund and benchmarked against the S&P GCC Shari'ah Index. Saudi nationals and residents as well as other GCC nationals can subscribe to the fund.
The minimum investment is SR10,000 ($2,600). The fund has assets under management of SR12.3m ($3.3m) as at September 29, 2010 according to IFIS. The GCC IPO fund invests primarily in GCC IPOs and will also invest in GCC traded equity and GCC equity investment funds.
Most of the issuances in 2010 came from Saudi Arabia with eight deals worth $1.85bn or about 70% of the total. In terms of value, Saudi Arabia was followed by Oman ($475m) and Bahrain ($372m) according to data from Capital IQ. However, three of the eight issuances from Saudi Arabia were insurance listings, which most analysts don't actually count as a barometer of the health of the IPO market because they are statutory mandates.
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