Top 10 IPOs for the Region in 2007
1. DP World
UAE, Transport
$2.822 billion, 17% equity offered
Lead Manager: Deutsche Bank
2. Development Bank
Saudi Arabia, Financial Services
$2.807 billion, 70% equity offered
Lead Manager: Samba Financial Group
3. Saudi Kayan Petrochemical
Saudi Arabia, Oil and Gas
$1.8 billion, 45% equity offered
Lead Manager: Samba Financial Group
4. Deyaar Development
Saudi Arabia, Oil and Gas
$882.59 million, 55% equity offered
Lead Manager: Millennium Finance Corporation
5. Kingdom Holding
Saudi Arabia, Financial Services
$860.91 million, 5% equity offered
Lead Manager: Samba Financial Group
6. Air Arabia
UAE, Transport
$713.03 million, 55% equity offered
Lead Manager: SHUAA Capital
7 Jabal Omar Development
Saudi Arabia, Real Estate
$537.01 million, 30% equity offered
Lead Manager: Bank Al Bilad
8. Compagnie Generale Immobiliere
Morocco, Real Estate
$430.97 million, 20% equity offered
Lead Manager: CDG Capital
9. Talaat Mostafa Group
Egypt, Conglomerates
$412.36 million, 10% equity offered
Lead Manager: Hermes Holding Company
10. Al Khalijj Commercial Bank
Qatar, Financial Services
$337.99 million, 17% equity offered
Lead Manager: Commercialbank
Year in review and what’s ahead for 2008
Top 10 IPOs for the Region in 2008
1. Saudi Mobile Telecommunications
Saudi Arabia, Telecoms and IT
$1.5 billion, 40% equity offered
Lead Manager: Banque Saudi Fransi
2. EgyptAir Airlines Holding
Egypt, Transport
$1 billion, 20% equity offered
Lead Manager: Goldman Sachs
3. United International Bank
Bahrain, Financial Services
$800 million, 40% equity offered
Lead Manager: Global House Company
4. International Petroleum Investment Company
UAE, Financial Services
$544.57 million
5 Power and Water Utility Company
for Jubail and Yanbu
Saudi Arabia, Power and Utilities
$466.6 million, 30% equity offered
6. DEPA United Group
UAE, Construction
$400 million
Lead Manager: Morgan Stanley — UBS
7. Prince Abdul Aziz Bin Musaed Economic City
Saudi Arabia, Real Estate
$399.9 million, 30% equity offered
Lead Manager: Deutsche Bank
8. Damas Jewellery
UAE, Consumer Goods
$272.32 million, 25% equity offered
Lead Manager: HSBC Financial Services
(Middle East)
9. Chemanol
Saudi Arabia, Oil and Gas
$200 million, 50% equity offered
Lead Manager: Samba Financial Group
10. Future Pipe Group
UAE, Basic Materials
$108.9 million
Lead Manager: SHUAA Capital
Initial public offerings in the region 2007-2008
The average values for IPOs in the region are expected to grow in 2008, indicating a strong willingness for private or state-owned enterprises to go public and expand into new markets. The highest rises in average IPO value are expected in Bahrain, which is set to rise from $69.48 million per IPO in 2007 to $425 million per IPO in 2008, and Egypt, with an expected rise to $1 billion per IPO in 2008, from $209.55 million per IPO in 2007. United International Bank is preparing to sell 40% of its ownership to investors in Bahrain in the coming year, while EgyptAir Airlines Holding is offering 20% of its equity to investors
Gulf countries expect the most IPOs in 2008. Leading the way in the Gulf is Saudi Arabia, which plans to host 26 IPOs, followed by the UAE at 19, and Bahrain with 3 deals expected. Elsewhere in the region, Syria plans to handle 4 IPOs in 2008, trailed by Egypt and Jordan, both of which expect to host 3 deals.
Regional IPO growth remains hot. The most active sectors for IPOs are headed by financial services, oil and gas, real estate, and transport. Much of the growth in Jordan, Saudi Arabia, and the UAE is fuelled by increased activity in the financial sector, where firms are seeking to expose themselves to investors and increase credit access to fund expansion into new markets
