Companies, companies, everywhere, and nay a share for sale. The ancient mariner could have rhymed to no end about primary markets in 2009 and it looks as if not a line will need to be added to the eulogy of initial public stock offerings (IPOs) in the Middle East in the last six weeks of the year. Given that the period from November until New Year’s Day in 2009 embraces the two important religious observations of Eid al-Adha and Christmas, everything points to a slow season for investment activities. Barring a dramatic turnaround in new-issues activity in December, companies looking to go public have shelved their aspirations until after the New Year. All of this translates into another wait for the investment banks that underwrite new offerings and the IPO market in general. As the economy chilled in 2009, the number of companies that went public froze. The volume of
