GCC IPOs fell 28% in Q4 2013
UK-based professional services firm, PricewaterhouseCoopers (PwC) has said the GCC’s initial public offering (IPO) market remained sluggish in the fourth quarter of 2013, as proceeds fell 28% year-on-year, Saudi Gazette has reported. The fourth quarter witnessed five IPOs in the GCC, of which two were listed on international exchanges. Of the three regional IPOs in the fourth quarter, the proceeds aggregated to $178.8m, 52% lower in average offer value for the same period in 2012, the firm said. Despite a low regional IPO performance, market sentiment in the region’s equity market saw a revival, driven by stronger global equity capital markets and strong macroeconomic fundamentals, it added.