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MENA equity capital markets (ECM) raised $23.4 billion during 2022, the highest annual total since 2019.
Proceeds raised by companies in the region increased 59% compared to 2021, while the number of issues increased 55%, according to Refinitiv data.
IPOs raised a combined $20.3 billion in 2022 -- a regional record -- and accounted for 87% of total proceeds. There were 50 IPOs in the period, more than double the number recorded a year earlier and the highest level since 2007, the data showed.
State-backed Dubai Electricity & Water Authority raised $6.1 billion in its stock market debut in April. The utility’s IPO is the third largest globally for the year and the second largest MENA IPO of all time.
Saudi Arabia's Rabigh Refining & Petrochem raised $2.16 billion in a follow-on issuance in June.
The energy & power sector was most active, with issuers raising $9 billion accounting for 39% of total equity capital raisings in the region.
The retail and materials sectors followed, accounting for 17% and 12%, respectively. Saudi Arabia's Amera Rest Intl PLC Co. and Nahdi Medical Co. raised $1.80 billion and $1.36 billion respectively from their IPOs.
HSBC led the MENA ECM underwriting league table during 2022 with an 18.6% market share, followed by Saudi National Bank SJSC, according to Refinitiv data.
(Reporting by Brinda Darasha; editing by Seban Scaria)
