From the start of 2022, capital markets experienced a significant decline in the number of IPOs globally, triggered by a variety of macroeconomic factors such as the heightened volatility caused by geopolitical tensions, amongst others.
However, building on momentum from a record year in 2021, the Middle East region stood out, with a flurry of major IPOs. The first quarter of 2022 alone saw 15 MENA IPOs raise USD4 billion1. According to EY data, in the first nine months of 2022, the region witnessed a 550% increase in IPO volume compared to the same period in 20212.
HSBC led a number of transactions in the region, across multiple sectors. The close collaboration between our global product and sector teams allowed us to deliver comprehensive solutions and swift execution to clients. This enabled us to reaffirm position as a leading Equity Capital Markets (ECM) house in the MENAT region, where we are ranked #1 (2022, year to date).
“With strong GDP growth on the back of high energy prices and government initiatives to boost economic and financial diversification, the Middle East market represents an exciting opportunity for domestic and international investors. This was clearly reflected in the deals we have led where we observed unprecedented subscription levels from both regional and international investors, with many international investors new to the region.” says Ed Sankey, Global Head of Equity Capital Markets, HSBC.'