|10-22-2014, 09:39 PM||#1|
Saudi Fransi Capital to make a large IPO on each of the upcoming five quarters
Saudi Fransi Capital announced on Tuesday three large initial public offerings of shares in the upcoming period, hoping to capitalize in the market’s boom.
Al-Habib Medical Group, a large healthcare provider in the region, lubricants producer Petromin, and power project developer ACWA Power will be listed on the upcoming three quarters, according to the company’s chief executive, Yasir al-Rummayyan.
Each of the IPOs will be larger than SAR1 billion ($267 million). Al-Rummayyan said another two IPOs are in their agenda, including one in the steel sector and one in the building material s sector.
"We have an excellent deals pipeline...We think we will see one IPO every quarter from Saudi Fransi Capital for the coming five quarters," said al-Rummayyan.
Gulf stock markets, and in particular the Saudi Arabia stock market have seen a resurgence in initial public offers in recent times, with investor sentiment higher and credit markets on the boom.
Although the main stock index, Tadawul, has been declining over the past two weeks because of declining oil prices and global growth concerns, the benchmark is still up 18.5% in 2014, and up 47% since the start of 2013.
The Saudi Arabian stock market is ranked 15 in the world in terms of daily trading volume and is by far the largest in the region, and the upcoming opening of the market to international investors will most definitely provide a significant boost.
The opening is expected to bring between $30 billion and $60 billion of funds into the market, and also boost trading volumes from 15% to 20%.
Asset managers such as investment bank Saudi Ransi Capital are passionately awaiting the opening to foreign investors, which holds massive growth prospects for such companies.
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