The FT reports, shares in Presight AI, a data analytics company, soared on Monday, their first day of trading on the Abu Dhabi bourse after a $496m IPO that was 136 times oversubscribed. The demand is no one-off. It comes two weeks after Adnoc Gas raised $2.5bn in the emirate’s biggest listing.
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Middle East on ‘radar’ of global investors as it enjoys IPO boom
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Financial regulatory reform, a privatisation push amid political stability and oil and gas prices that have risen significantly from their Covid-19 pandemic lows are driving both the IPO frenzy and private deals, bankers said. “The constant state of turmoil has calmed down and oil prices are higher than break-even [for governments],” said Sammy Kayello, a senior adviser at Morgan Stanley.
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