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Mena IPOs up 344%, raising $1.29bn

Ernst & Young has said regional companies have raised a total of $1.29bn through five initial public offerings (IPOs) in the second quarter of 2012, Oman Daily Observer has reported. A total of $1.37bn was raised in the IPO markets by regional companies in the first six months of this year, compared to $396.47m in the first half of 2011, according to E&Y's 'MENA Q2 2012 IPO Update' report. Saudi Arabia's Al Tayyar Travel Group led regional IPO deal sizes with its $364.65m listing on the Tadawul, followed by Saudi Airlines Catering's $354.09m, the Najran Cement Co's $226.58m IPO, and the UAE's NMC Healthcare that listed on the London Stock Exchange in April with a $187m IPO.