MENA IPO Eye
Q1 2014
MENA IPO market is set to scale
up activity
The momentum seen in IPO activity in Middle East and North Africa (MENA) last year, particularly
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Mayur Pau
MENA IPO Leader
The MENA IPO Eye is a
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the latest developments,
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)(g^l`]k][gehYfa]kjmk`af_lgl`]eYjc]llgoYj\l`]q]Yj%]f\^gjMK0)/&/e&
Oil and gas tops
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IYlYjÌkE]kYa]]\H]ljg[`]ea[Yd@gd\af_;gehYfq EH@;!dYmf[`]\l`]j]_agfÌkdYj_]klakkm]g^l`]
imYjl]j$jYakaf_MK1(-eafBYfmYjq*(),&L`akoYkl`]Õjkldaklaf_gfl`][gmfljqÌkklg[c]p[`Yf_]
kaf[]*()(&EH@;akYkmZka\aYjqg^IYlYjH]ljgd]meYf\gf]g^l`]j]_agfÌkhj]ea]j\an]jkaÕ]\
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Company
Domicile
Sector
Gulf Marine
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M9=
GadYf\_Yk
KglahYha]j
Tunisia
Industrial
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KYm\a
EYjc]laf_
;gehYfq
KYm\a9jYZaY Retail
;]dd[ge
Tunisia
Telecommunications
EH@;
Qatar
GadYf\_Yk
Total
Amount
raised
(US$m)
Listing date
Stock
exchange
(SE)
*/-&( )1EYj[`*(),
)1EYj[`*(),
Dgf\gfK=
*-&. 11 March 2014
*0EYj[`*(),
LmfakK=
/*&( *0BYfmYjq*(),
).>]ZjmYjq*(), KYm\aK=
.&( )/BYfmYjq*(),
*(>]ZjmYjq*(), LmfakK=
1(-&+ *)BYfmYjq*(),
*.>]ZjmYjq*(), IYlYjK=
1283.8
Date of IPO
closure
Current state of play
Consistent with global trend
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oYk[gfkakl]floal`l`]kljgf_lj]f\afAHGY[lanalq_dgZYddqaf
I)*(),$oalf]kkaf_*+1akkm]k^gjMK,,&+Z&?dgZYddq$l`akoYk
l`]Z]klh]j^gjeaf_ÕjklimYjl]jkaf[]*())$afl]jekg^Zgl`
fmeZ]jg^AHGkYf\[YhalYdjYak]\&
L`]afn]klgjkÌ[gfÕ\]f[]Yf\Yhh]lal]^gjAHGkYj]af[j]Yk]\$
oal`l`]EK;AOgjd\=imala]kAf\]pj]Y[`af_Yj][gj\`a_`afEYj[`
*(),$oal`eYjc]lngdYladalqlj]f\af_\gof&L`]Yn]jY_]\]Ydkar]
k`go]\Y*,&(khac]afl`]imYjl]j$oal`kap\]Ydk^]l[`af_egj]
l`YfMK)&(Z]Y[`_dgZYddq&
L`][gf\alagfkafE=F9Yj]fg\a^^]j]fl[mjj]fldq$YkYdYj_]
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*(),&L`]j]Yj]YdkghdYfklgdYmf[`AHGkg^klYl]%gof]\]flala]k$
2
| MENA IPO Eye Q1 2014
MENA IPO — Q1 activity (Q1 2011–Q1 2014)
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
5
5
6
5
4
4
3
3
2
$24.1
Q1-11
$82.8
Q1-12
Capital raised (US$m)
$1,621.0
Q1-13
$1,283.8
Q1-14
No. of IPOs
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<]n]dghe]flDaeal]\Yf\9dFggj@gkhalYdk?jgmh$km[[]kk^mddq
dakl]\gfl`]DK=&L`][gehYfa]kZ]da]n]\l`Yll`akogmd\Yddgo
l`]eY[[]kklgYoa\]j_jgmhg^afn]klgjkYf\d]kkkljaf_]fl
gof]jk`ahjmd]kl`Yfafl`]`ge]eYjc]l&
hYjla[mdYjdqafl`]M9=Yf\IYlYj&=eajYl]kJ]al$hYjlaYddqgof]\Zq
<mZYa@gd\af_$akk[`]\md]\lgAHGgfF9K<9Iaf9hjad*(),$o`ad]
gl`]jM9=_gn]jfe]fl%gof]\[gehYfa]k[gfka\]jaf_AHGkaf[dm\]
FYc`]]d$?]f]jYd@gd\af_;gjhgjYlagf K]fYYl!Yf\KlYf^gj\EYjaf]
?jgmh&AfIYlYj$^gmjkmZka\aYja]kg^IYlYjH]ljgd]me IH!Yj]
]ph][l]\lgdaklgfl`]IYlYj=p[`Yf_]$oal`AHGk^gjY[geZaf]\
eYjc]l[YhalYdarYlagfg^MK)+&/Z&
Capital raised (US$m)
L`]kaf_d]akkm]^jgel`]M9=$fYe]dq?md^EYjaf]K]jna[]k$
oYkdakl]\gfl`]Dgf\gfKlg[c=p[`Yf_] DK=!afEYj[`*(),&
L`akoYkafdaf]oal`Yf]e]j_af_lj]f\Yegf_l`]E=F9
[gjhgjYl]k^gjafl]jfYlagfYddaklaf_$hjaeYjadqlggn]j[ge]l`]dY[c
g^daima\alqaf\ge]kla[klg[c]p[`Yf_]^gjZ]ll]jnYdm]&
1
0
Volume (No. of IPOs)
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h]j^gjeYf[]afl`]j]_agf&L`]ngdme]Yf\\]Ydkar]k`go]\Y
kl]Y\qaehjgn]e]flgn]jl`]q]Yjk&I)*(),oYkgf]l`]Z]kl
h]j^gjeaf_ÕjklimYjl]jkafl`]dYkl^gmjq]Yjkafl]jekg^fmeZ]j
g^\]Ydk$eYl[`af_l`Ylg^*()+$Yf\l`]k][gf\Z]klh]j^gjeaf_
imYjl]jafnYdm]&
MENA IPO — quaterly activity (Q1 2011–Q1 2014)
12
$1,621.0
$1,283.8
$1,297.1
1,500
9
6
1,000
500
0
$374.8
$218.9
2
Q2-11
Q3-11
4
$226.1
Q4-11
$82.8
Q1-12
Q2-12
$252.3
$339.8
3
1
Q3-12
Q4-12
Capital raised (US$b)
5
6
Q1-13
$482.6
Q2-13
4
5
$150.7
2
Q3-13
10
8
$817.7
4
6
3
$24.1
Q1-11
10
No of IPOs
Capital (US$m)
2,000
2
Q4-13
0
Q1-14
Volume (No. of IPOs)
Kgmj[]2RYoqY$E]j_]jeYjc]lYf\L`gekgfGf
Global IPO — quaterly activity (Q1 2011–Q1 2014)
500
80
296
400
291
326
255
300
242
40
191
204
200
205
239
202
200
163
20
Volume
Capital (US $bn)
383
60
100
$46.6
$65.6
$28.6
$29.1
Q1-11
Q2-11
Q3-11
Q4-11
$18.0
$43.8
$29.6
$37.2
$24.4
$46.3
$25.6
$74.9
$44.3
Q4-12
Q1-13
Volume (No. of IPOs)
Q2-13
Q3-13
Q4-13
Q1-14
0
0
Q1-12
Q2-12
Capital raised (US$b)
Q3-12
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Kljgf__jgol`Yf\jakaf_]imalqeYjc]lk[gflafm]lg^gkl]jAHG
Y[lanalqafE=F9$Ykl`]j]k]]eklg`Yn]Z]]fYhYmk]af^mjl`]j
]k[YdYlagfg^j]_agfYdhgdala[Ydmfj]kll`Yl`Y\o]a_`]\\gof
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aehjgn]\hgdala[YdklYZadalq&L`]E=F9[gjhgjYl]d]Y\]jkYj]egj]
[gfÕ\]flYZgmlZgl`l`]_dgZYdYf\dg[Yd][gfgea[gmldggcl`Yf
l`]qo]j]kapegfl`kY_g&
Current state of play — highlights
• AHGY[lanalqakha[caf_mhafE=F9$Yf\ak[gfkakl]floal`l`]_dgZYdlj]f\
• I)*(),oYkgf]g^l`]Z]klh]j^gjeaf_ÕjklimYjl]jkafl`]dYkl^gmjq]Yjk
• AHGngdme]kYj]YdegklYll`]d]n]dg^hj]%[jakakh]jag\
• =[gfgea[_jgol`Yf\YhYmk]af^mjl`]j]k[YdYlagfaf_]ghgdala[YdlmjZmd]f[]c]]hZmkaf]kk[gfÕ\]f[]]d]nYl]\
MENA IPO Eye Q1 2014 |
3
Key trends impacting MENA IPOs
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af[dm\af_=_qhl$KqjaYYf\DaZqY$`Yn]\]fl]\_jgol`afl`]j]_agf
kaf[]*())$Y^l]jk]n]jYdq]Yjkg^jgZmklh]j^gjeYf[]&
?jgol`afl`]gad%]phgjlaf_fYlagfkafE=F9[gfljY[l]\lg*af
*()+$o`ad]l`]gad%ja[`?md^;ggh]jYlagf;gmf[ad ?;;!][gfgea]k
\][]d]jYl]\ka_faÕ[Yfldq$dg__af_+&/_jgol`[gehYj]\oal`-&*
afl`]hj]nagmkq]Yj&
L`akoYkeYafdq\m]lgY\][daf]afgad]phgjlj]n]fm]k^jgealk
`aklgja[Yd`a_`af*()*$j]kmdlaf_^jgeYeYj_afYd\][daf]af[jm\]
gadhjg\m[lagfafKYm\a9jYZaYYf\CmoYalaf*()+&Kladd$Ydd?;;
[gmflja]k]p[]hlCmoYalk`go]\`]Ydl`q_jgol`jYl]kdYklq]Yj
[gehYj]\oal`egkl\]n]dgh]\][gfgea]k$o`a[`o]j]j][gn]jaf_
^jgel`]ÕfYf[aYd[jakak&CmoYalÌk?<H_jgol`kdmeh]\lg(&0
af*()+^jge.&*af*()*$aehY[l]\ZqY[gfljY[lagfafalk
`q\jg[YjZgfk][lgj&
E]Yfo`ad]$af[j]Yk]\_gn]jfe]flkh]f\af_Ydgf_oal`Yj][gn]jq
afhjanYl]k][lgj[j]\al_jgol`Zggkl]\l`]fgf%gadk][lgj_jgol`af
egklE=F9[gmflja]k&
Y-o-y real GDP growth rate
Real GDP growth (%)
10
9
8
7
6
5
4.1
4 3.9
3.2
3
2.2
2
1
0
MENA
5.2
3.4
2.0
5.6
3.74.1
2.7 2.7
2.0
1.6
Regional stock exchange take their cue from strong global trend
L`]E=F9]imalqeYjc]lkj]eYaf]\jgZmklafj][]flegfl`kYf\$
lYcaf_l`]aj[m]^jgel`]kljgf__dgZYdlj]f\k$[gflafmaf_dYklq]YjÌk
kljgf_h]j^gjeYf[]aflg*(),&AfEYj[`*(),$egklj]_agfYd
eYjc]lk[dgk]\afl`]j]\[gehYj]\oal`>]ZjmYjq$\m]lgl`]
mf[]jlYaflqj]dYl]\lgl`]McjYaf][jakakYf\j]kmdlYflkYf[lagfkgf
JmkkaYZql`]MKYf\gl`]jO]kl]jf[gmflja]k&
@go]n]j$l`]<mZYaYf\KYm\a9jYZaYfeYjc]lk[gflafm]\lgk`go
j]kada]f[]afEYj[`$[daeZaf_-&-Yf\,&(j]kh][lan]dq$[gehYj]\
oal`l`]hjagjegfl`&
L`]LY\Yomd9dd%K`Yj]Af\]p[jgkk]\l`]1$,((eYjc$alk`a_`]kl
d]n]dkaf[]ea\%*((0$]na\]f[af_l`]`a_`d]n]dkg^Zmkaf]kkYf\
afn]klgj[gfÕ\]f[]afKYm\a9jYZaY&Kgda\]Yjfaf_k_jgol`Yf\l`]
Zmad\mhlgl`]Ogjd\=phg*(*(Yffgmf[]e]flhmk`]\l`]<mZYa
>afYf[aYdEYjc]lZqYZgml)((q%g%q&
E]Yfo`ad]$l`]IYlYj=p[`Yf_]jgk]egj]l`Yf+-q%g%q$Ykl`]
][gfgeq`YkZ]f]Õl]\^jge`m_]af^jYkljm[lmj]kh]f\af_hdYfk
j]dYl]\lgl`]>A>9Ogjd\;mhaf*(**&
7.7
5.4
4.6
L`]?;;[gmflja]k`Yn]Z]f]Õl]\^jge`a_`gadj]n]fm]kgn]j
l`]hYklk]n]jYdq]Yjk&L`ak`Yk]fYZd]\l`]elghmjkm]Yf
]phYfkagfYjqÕk[Ydhgda[q$d]Y\af_lgeYkkan]af^jYkljm[lmj]
kh]f\af_$af[j]Yk]\hjanYl]k][lgjhYjla[ahYlagfYf\$aflmjf$`a_`]j
[gjhgjYl]Y[lanalq$]Yjfaf_kYf\[gfÕ\]f[]&
3.9
GCC aggregate market capitalization (US$/m) Q1 2014
Country
1.6
Market cap,
March 2014
Market cap,
December 2013
% change
Quarter
On Quarter
(q-o-q)
CmoYal
)(1&.
)(-&)
,&+
KYm\a9jYZaY
-)*&,
,.-&*
)(&)
9Zm<`YZa
0.2
MENA oil
exporters
2011
MENA oil
importers
2012
GCC
2013e*
Non-GCC
oil exporters
2014e*
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Fgl]2"]È]ph][l]\
9[[gj\af_lgl`]AE>$`a_`]jgadhjg\m[lagfYf\af[j]Yk]\
af^jYkljm[lmj]afn]kle]flkYj]dac]dqlghmk`_jgol`afE=F9lg
+&*af*(),$[gehYj]\oal`*&*_jgol`af*()+&Gad%\jan]f?;;
?<Hakhjgb][l]\lg_jgo,&)l`akq]Yj$mh^jge+&/af*()+&
))/&/
)(.&.
)(&,
<mZYa
0,&+
..&)
*/&-
Qatar
)/1&0
)-*&-
)/&1
Oman
*,&+
*,&-
%(&0
Bahrain
*(&)
)0&/
/&-
1,048.2
938.5
11.7
Total
Kgmj[]2?dgZYdJ]k]Yj[`
4
| MENA IPO Eye Q1 2014
L`][geZaf]\eYjc]l[YhalYdarYlagfg^?;;klg[c]p[`Yf_]
j]Y[`]\MK)$(,0ZafEYj[`*(),$l`]Za__]kl[gfljaZmlgj
,0&1!Z]af_l`]KYm\aKlg[c=p[`Yf_] LY\Yomd!YlMK-)*&,Z&
L`]M9=eYjc]lkY[[gmfl]\^gjY)1&*k`Yj]oal`Y[geZaf]\
eYjc]l[YhalYdarYlagfg^MK*(*Z&IYlYj[dYae]\Y)/&*k`Yj]
oal`MK)/1&0Z$o`ad]CmoYal$GeYfYf\:Y`jYaflg_]l`]j
Yegmfl]\lgMK)-(&(Z&
Attractive valuations and strong corporate earnings keep
[gfÔ\]f[]]d]nYl]\
?;;]imala]k[gflafm]\lgj]eYafYlljY[lan][gehYj]\oal`gl`]j
^jgfla]jYf\c]q]e]j_af_eYjc]lk&AfEYj[`$l`]j]_agfÌkkap
klg[c]p[`Yf_]ljY\]\afYhja[]%lg%]Yjfaf_k H=!jYf_]Z]lo]]f
1&.lg)0&/&
Corporate earnings 2013 — GCC
60,000
>mjl`]jegj]$l`]Yffgmf[]e]flg^EK;Algmh_jY\]l`]M9=Yf\
IYlYjlg]e]j_af_eYjc]lkklYlmk^jgeBmf]*(),YdkgZggkl]\
hgkalan]k]flae]flafl`]k]eYjc]lk$YlljY[laf_afl]jfYlagfYd
afl]j]kl&
Gn]jYdd$em[`g^l`]jak]afl`]j]_agfYdklg[c]p[`Yf_]afj][]fl
egfl`k[Ye]gfl`]ZY[cg^[gjhgjYl]hjgÕl_jgol`Yf\l`]
]ph][lYlagfkl`Yll`]kmj_]af]Yjfaf_koadd[gflafm]Yk][gfgea]k
klYjlj]lmjfaf_lgl`]_jgol`hYl`&
Corporate earnings 2013 — growth by GCC country
40%
75,000
<mZYaÌkklg[ceYjc]l`YkYH=jYlagg^)0&/$`a_`]jl`Yfl`]?;;Ìk
dYj_]klYf\daima\klg[c]p[`Yf_]$KYm\a9jYZaY&L`akaf\a[Yl]\l`Yl
l`]]eajYl]Ìkklg[ck`Yn]klYjl]\lgZ][ge]]ph]fkan]dggcaf_Yl
[mjj]fl[gjhgjYl]]Yjfaf_kj]kmdlk&:Yk]\gf<mZYaÌk`a_`H=jYlag$
IYlYjÌkklg[ceYjc]lg^^]jkZ]ll]jghhgjlmfala]koal`YH=jYlagg^
)-&*$Ydl`gm_`l`]]p[`Yf_]akdYj_]dqaddaima\&
20%
Total GCC
12.4%
Dubai
36.8%
US$m
Kuwait
45,000
0%
30,000
-20%
23.3%
Oman
21.1%
Bahrain
18.6%
Abu Dhabi
15,000
-40%
0
-60%
Qatar
Saudi Arabia
2007 2008 2009 2010 2011 2012 2013
0.0%
14.5%
9.7%
6.8%
10.0%
20.0%
30.0%
40.0%
Y-o-y growth %
Kgmj[]2?md^:Yk]Yf\?md^J]k]Yj[`
MENA IPO Eye Q1 2014 |
5
?;;[gjhgjYl]]Yjfaf_kjgk])*&,lgMK.)&0Zaf*()+ÈYdegkl
lgl`]hj]%[jakakd]n]dkg^*((/&L`]M9= *)&+!d]\Zq[gfljaZmlaf_
,&,g^lglYd_jgol`\mjaf_l`]q]Yj&KYm\a9jYZaY #.&0!Yf\
IYlYj #1&/!^gddgo]\$Y[[gmflaf_^gj+&*Yf\)&0j]kh][lan]dq&
CmoYal$GeYfYf\:Y`jYafk`go]\q]Yj%gf%q]Yjaf[j]Yk]kg^
*+&+$*)&)Yf\)0&.j]kh][lan]dqaf[gjhgjYl]]Yjfaf_k&
Challenges of MENA IPO markets
Daima\alqakdaeal]\afegklg^l`]j]_agfÌk]p[`Yf_]k$oal`l`]
]p[]hlagfg^KYm\a9jYZaYYf\CmoYal&L`ak`Yk^gj[]\kge]M9=
[gehYfa]klgdYmf[`l`]ajAHGkgfeYjc]lkgmlka\]l`]j]_agf&
J]_mdYlgjqj]klja[lagfkYf\kYf[lagfkYj]Yfgl`]jeYbgjgZklY[d]
^gjdaklaf_\ge]kla[Yddq&L`][gf\alagflgÖgYlYld]Ykl--g^k`Yj]k
o`]fY[gehYfq_g]khmZda[akg^l]f[gfka\]j]\lgZ]YeYbgj
Zdg[cY\]^gjdaklaf_&L`akhgk]kegj]hj]kkmj]gf^YeadqZmkaf]kk]k$
o`a[`Yj]j]dm[lYfllgdgk]eYfY_]e]fl[gfljgdg^l`]ajÕjek&
AfKYm\a9jYZaY$l`][gehdaYf[]j]imaj]e]flk[Yfj]kmdlafY
dgf_\jYof%gmlhjg[]kk&L`]k]kl]hkYj]Z]af_k]]fYkZ]af_
[meZ]jkge]Yf\lae]%[gfkmeaf_&>gjafklYf[]$l`]Yhhda[Yfl
[gehYfa]kYj]j]imaj]\lgkmZealÕfYf[aYdj]lmjfk]n]jqkapegfl`k
Yf\j]%kmZealhjghgkYdkaflmf]oal`[`Yf_]kafÕfYf[aYdklYlmk
Yf\h]j^gjeYf[]&
;gehYfa]kYj]g^l]ffglj]Y\qlgafljg\m[]l`]d]n]dg^ÕfYf[aYd
j]hgjlaf_j]imaj]\Zql`]eYjc]lj]_mdYlgjk&
6
| MENA IPO Eye Q1 2014
L`]nYdmYlagfafj]_agfYdeYjc]lk$hYjla[mdYjdql`]M9=klg[c
eYjc]lk$j]Y[`]\j][gj\`a_`kafj][]flegfl`k&L`ak`Ykhml
Y\\alagfYdhj]kkmj]gfl`]]eajYl]Ìkklg[c]p[`Yf_]lgk]]ceYbgj
daklaf_klgZggkldaima\alqYf\hjgna\]\an]jkalqlgj]lYafafn]klgjkÌ
afl]j]kl&
=p[`Yf_]kaf[gmflja]kkm[`Yk=_qhlYf\AjYiYj]^Y[af_
af[j]Ykaf_dq[`Ydd]f_af_[gf\alagfk$Yea\hgdala[YdafklYZadalq
Yf\afk][mjalq&
Key trends — highlights
• Af[j]Ykaf_gadhjg\m[lagfYf\af^jYkljm[lmj]hjgb][lk^gj][Ykl
lg\jan]?<H_jgol`afE=F9
• Kljgf__jgol`afE=F9]imalqeYjc]lk$hYjla[mdYjdq<mZYa
Yf\KYm\a9jYZaY
• L`]M9=Yf\IYlYjmh_jY\]lg]e]j_af_eYjc]lklYlmkoadd
d]Y\lgYfaf[j]Yk]af[gfÕ\]f[]Yf\^gj]a_fafn]kle]fl
• DY[cg^daima\alqafegklj]_agfYdklg[c]p[`Yf_]
• J]klja[lan]j]_mdYlgjqhgda[a]k
• AfYZadalqlg[gehdqoal`daklaf_fgjekZqegkl[gehYfa]k
Broader outlook
Spike in infrastructure spending
L`]AHGY[lanalqafl`]j]_agf$hYjla[mdYjdql`]?;;$akhgak]\^gjY
k`Yjhaf[j]Yk]af*(),$Ykl`]eYjc]lkYf\][gfgea[[gf\alagfk
`Yn][mjj]fldqZ][ge]egj]ZmgqYfl&L`]klj]f_l`]faf_eYjc]l
^mf\Ye]flYdkoaddkmhhgjlf]og^^]jaf_k_gaf_^gjoYj\$oal`
Zmkaf]kkYf\afn]klgjkÌ[gfÕ\]f[]j]eYafaf_Yl`a_`]jd]n]dk&
9e]j_]jZ]lo]]fl`]9Zm<`YZaYf\<mZYa]p[`Yf_]kYkYkl]hlg
Zggkldaima\alqakYdkgmf\]jl`]M9=?gn]jfe]flÌk[gfka\]jYlagf&
L`]egn]oadd]f`Yf[]gh]jYlagfYd]^Õ[a]f[qg^l`]]p[`Yf_]af
gj\]jlgYlljY[l^gj]a_fafn]kle]fl&L`]M9=ÌkhdYfklgjYak]l`]
[Yhgf^gj]a_f`gd\af_gf[gehYfa]kkm[`YkMfagfHjgh]jla]kYf\
EYk`j]i:Yfcakdac]dqlgZggklljY\af_&
?gn]jfe]flkY[jgkkl`]j]_agfYj]hjg[]]\af_oal``m_]
af^jYkljm[lmj]kh]f\af_hdYfk&L`akoaddg^^]jghhgjlmfala]k^gjl`]
private sector and, in turn, will raise the need for more capital
lg^mf\l`]aj]phYfkagfhdYfk&Af]^^][l$l`ak[gmd\d]Y\lgegj]
[gehYfa]kghlaf_^gj[YhalYd%jYakaf_e]l`g\k$km[`Ykakkmaf_Zgf\k
gjk]ddaf_k`Yj]k&
L`]IYlYj>afYf[aYdEYjc]lk9ml`gjalq I>E9!akkm]\YfmeZ]jg^
f]od]_Ydd]_akdYlagfklgklj]f_l`]fl`]j]_mdYlgjqYf\kmh]jnakgjq
jgd]g^l`]I>E9gfl`]IYlYja[YhalYdeYjc]l&
Policy changes to boost listing
L`]?;;_gn]jfe]flkYj][gfka\]jaf_hgda[q[`Yf_]klgZggkl
daklaf_afdg[Ydklg[c]p[`Yf_]&L`]q`Yn]hdYfklgafljg\m[]f]o
d]_akdYlagflgaehjgn]daima\alq$Yko]ddYkk]llaf_`a_`]j^gj]a_f
gof]jk`ahdaealkafkge]k][lgjk&
L`]Yffgmf[]e]flZql`]af\]p[gehad]jEK;Al`Yll`]M9=
Yf\IYlYjklg[ckogmd\Z]af[dm\]\afalkEmerging Markets
Indexakdac]dqlghmk`nYdmYlagfklgegj]YlljY[lan]d]n]dk&L`ak
`YkZja_`l]f]\mhl`]hjgkh][lkg^afl]jfYlagfYdafn]klgjkÌ
hYjla[ahYlagf$hYjla[mdYjdq^gj]a_f]p[`Yf_]%ljY\]\^mf\k&
L`akogmd\YdkgZjaf_YZgml^mjl`]jj]^gjeklgl`]eYjc]lk&
L`]af\]poadd[gn]jYlglYdg^)1klg[ck$g^o`a[`faf]Yj]ZYfck$
o`a[`oadd_an]afn]klgjkaf[j]Yk]\]phgkmj]lgl`]j]_agfÌkgn]jYdd
][gfgea]k&L`]k][gf\%dYj_]kl[Yl]_gjqakj]Yd]klYl] ^gmjklg[ck!$
^gddgo]\Zq[gehYfa]kgh]jYlaf_afl]d][gek$hgo]jYf\oYl]j$
af\mklja]kYf\ljY\]&
Kge]E=F9[gmflja]k$af[dm\af_l`]M9=$Yj]hdYffaf_lgdgo]jl`]
eafaemej]imaj]e]flg^k`Yj][YhalYdlgZ]g^^]j]\^gjdaklaf_&L`]
hjghgk]\f]oM9=;gee]j[aYd;gehYfa]kDYo$\m]lg[ge]aflg
^gj[]afl`]k][gf\`Yd^g^l`]q]Yj$klahmdYl]k+(k`Yj]kafhdY[]g^
--Ykl`]eafaemek`Yj][YhalYdj]imaj]\lgZ]kgd\mhgfdaklaf_&
IYlYjaklYcaf_afalaYlan]klgZggkldaklaf_kYkYkl]hlg`]dhaehjgn]
fYlagfYdo]Ydl`\akljaZmlagfl`jgm_`kljYl]_a[Yddqlae]\g^^]jaf_kg^
kge]hmZda[k][lgj[gehYfa]k&KYm\a9jYZaYakYdkghmk`af_k]d][l
^YeadqZmkaf]kk]kYf\_gn]jfe]fl]flala]klgafklalmlagfYdar]l`]aj
Zmkaf]kk]k&
Listing could address lingering issues of family businesses
L`]j]_agfÌk^YeadqZmkaf]kk]k$Y[[gmflaf_^gjegj]l`Yf/-g^l`]
hjanYl]k][lgj$Yj]af[j]Ykaf_dqYoYj]g^l`]Y\nYflY_]kg^_gaf_
hmZda[&L`]qYj]Ydkg]f[gmjY_]\Zql`]_gn]jfe]flklgdaklgf
\ge]kla[klg[c]p[`Yf_]k$o`a[`[gmd\`]dhY\\j]kkkge]g^l`]
daf_]jaf_akkm]k^Y[]\Zql`]k][lgj&
L`akaf[dm\]k[gjhgjYl]_gn]jfYf[]$km[[]kkagfhdYffaf_$Y[[]kklg
[YhalYd$Zmkaf]kk]phYfkagf$\an]jkaÕ[Ylagf$\an]kle]flg^`gd\af_k$
]l[&9dYj_]fmeZ]jg^^YeadqZmkaf]kk]kafl`]j]_agfYj]_gaf_lg
^Y[]l`]km[[]kkagfakkm]afl`][geaf_q]Yjk$o`a[`[gmd\hYn]l`]
oYq^gjegj]AHGkafl`]j]_agf&
Egklg^l`]j]_agfÌk^YeadqZmkaf]kk]kl`YlYj]jmfZql`]qgmf_]j
_]f]jYlagfYj]c]]flgdakll`]aj[gehYfa]kYf\dggcYlAHGkYkY
e]Yfkg^egf]laraf_o]Ydl`$jYakaf_[YhalYdYf\afklalmlagfYdaraf_
l`]Zmkaf]kk&@go]n]j$l`]qYj]g^l]f`]d\ZY[c\m]lgl`]kljaf_]fl
daklaf_[gf\alagfkafeYfq[gmflja]k&
L`]f]odYoogmd\YdkgYddgo[gjhgjYl]klgk]lYeYjc]l%ZYk]\
nYdmYlagf^gjl`]akkm]l`jgm_`ÉZggcZmad\af_Êafkl]Y\g^Z]af_
\]l]jeaf]\Zqj]_mdYlgjk&
MENA IPO Eye Q1 2014 |
7
Firms rushing to IPOs
9[[gj\af_lgEa\\d]=Ykl=[gfgea[<a_]kl E==<!egj]l`Yf*(?;;
[gehYfa]kYj]]ph][l]\lgeYc]AHGk$af[dm\af_l`j]]Õjekk]]caf_
lgjYak]Yld]YklMK)Z]Y[`$afl`][geaf_q]Yjk&
Af>]ZjmYjq$YE==<j]hgjlkYa\l`Yll`]M9=ogmd\d]Y\l`]j]_agfÌk
ZggeafeYjc]ldaklaf_koal`Yld]Ykl)(AHGkhdYff]\^gj*(),&
L`]daklaf[dm\]k<mZYa_gn]jfe]fl%gof]\eYjaf]k]jna[]k
[gfljY[lgjKlYf^gj\EYjaf]?jgmh$9Zm<`YZa%ZYk]\j]klYmjYfl
[`YafBmkl>YdY^]dYf\9Zm<`YZa%ZYk]\af\mkljaYdafn]kle]fl
[gehYfq?]f]jYd@gd\af_;gjhgjYlagf K]fYYl!&
Broader outlook — highlights
• JgZmkl_jgol`afl`]?;;\jan]fZq`a_`]jgadhja[]kYf\
revenue
• =phYfkagfYjqÕk[Ydhgda[a]k\janaf_af^jYkljm[lmj]kh]f\af_
Y[jgkkl`]j]_agf
• ?j]Yl]jgh]faf_^gjhjanYl]k][lgjhYjla[ahYlagfafhjgb][lk
• ;gehYfa]kYj]af[j]Ykaf_dqYoYj]g^l`]Y\nYflY_]kg^jYakaf_
[YhalYdl`jgm_`AHGk^gj^mf\af_hjgb][lk
• >YeadqZmkaf]kk]k$o`a[`Yj]\geafYlaf_l`]hjanYl]k][lgj$
Yj]mj_]\lg_ghmZda[
• J]_agfYdklg[c]p[`Yf_]kYj]hdYffaf_lgj]dYpdaklaf_fgjek
^gj[gehYfa]klg]f[gmjY_]egj]daklaf_
Companies planning or in the process of making an IPO in 2014 (publically announced)
Company
Exchange
KlYf^gj\EYjaf]?jgmh
London
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F9K<9I<mZYa
?]f]jYd@gd\af_;gjh K]fYYl!
9Zm<`YZa
IYlYjH]ljgd]mekmZka\aYja]k
Qatar
:YjoY:Yfc
Qatar
IYlYj>ajkl:Yfc
Qatar
<jKmd]aeYfYd%@YZaZ?jgmh
Tadawul
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Tadawul
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Tadawul
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Tadawul
Acwa Power
Tadawul
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AjYi
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AjYi
RYaf:Y`jYaf
Bahrain
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Muscat
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Muscat
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Muscat
Omantel
Muscat
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8
| MENA IPO Eye Q1 2014
Phil Gandier
EY MENA
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consumer products and
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Key events to look out for
Event
Date
Theme
Kh][aYdK]kkagf2?gaf_HmZda[ÈMK$HYdeKhjaf_k
)*Fgn]eZ]j*(),
Kh][aÕ[Yddq\]ka_f]\^gj;=Gkg^AHG%Zgmf\[gehYfa]k&
Oaddhjgna\]l`]dYl]klmh\Yl]kgfl`]AHGYf\E9eYjc]lk
Yf\kljYl]_a]kafhj]hYjYlagf^gjYfAHG
E=F9AHGJ]lj]Yl$<mZYa ZqafnalYlagfgfdq!
EYj[`*()-
KljYl]_a]k^gj[gehYfa]k_gaf_hmZda[gjjYakaf_[YhalYd
l`jgm_`AHGkÈ\ak[mkkagfkYf\_ma\Yf[]^jge\]\a[Yl]\
hYf]dg^af\mkljq]ph]jlkYf\hjg^]kkagfYdk
Contacts
Mayur Pau
MENA IPO Leader
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#1/),+)*1,,.
Darrell Traynor
Executive Director — Transaction Advisory Services
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#1/)*,)/,-/)
Shahzad Shaikh
Manager — Transaction Advisory Services
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#1/),/()(0-0
MENA IPO Eye Q1 2014 |
9
EY | Assurance | Tax | Transactions | Advisory
About EY
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ey.com/mena

Dynamics: doorway to development

Powering the Gulf

2014 12