London Stock Exchange has been a key partner to the Middle East in its efforts to integrate the region’s domestic capital markets and economies with the world’s. We are currently the number one exchange for companies seeking to list equity internationally, having hosted more IPOs from the region than any other stock exchange globally.
Over 30 companies from the Middle East have used our equity markets to access international capital, raising over $13bn through IPOs and a further $8bn in follow-on issuance. Regional representation is widespread and includes companies from UAE, Egypt, Iraq, Lebanon, Qatar, Oman and Bahrain.
A steady stream of companies have accessed our equity markets since 2013 including Al Noor Hospitals, which achieved a valuation of over $1bn at its Premium Main Market debut in 2013; EDITA Food Industries, which simultaneously dual-listed on the Egyptian Exchange and London Stock Exchange in 2014; Arabian Food Industries, whose Global Depository Receipts (GDRs) have been traded on our International Order Book (IOB) since 2016; and oil services business ADES International which listed 35% of their share capital at a valuation of over $500m in 2017.
More recently, we have helped fuel the emerging fintech trend out of the Middle East, welcoming Network International to the Premium Segment of our Main Market. This is the largest technology IPO on record from the Middle East & Africa region to list on our markets raising $1.6bn at a valuation of $2.8bn. This valuation was higher than most of the key global peers in the sector which gives insight into the strength and quality of the business and the receptiveness of our market to emerging technology & payments companies.
The IPO and a series of subsequent secondary selldown monetisations on the part of Network International’s shareholders (Emirates NBD, General Atlantic & Warburg Pincus) has further demonstrated the liquidity and support available in our markets for successful equity stories. This further issuance was executed in the form of three tranches (with shares priced at a significant premium to their IPO price) in September 2019, November 2019 and January 2020 raising a combined $1.2bn. The three further issuances allowed substantial exits for the company’s owners at an attractive exit multiple.
The Arab Republic of Egypt celebrated the listing of its US$750mn 5.25% note, due October 2025, by opening London’s markets for trading today. The transaction, which represents the first sovereign green bond issuance from the Middle East & North Africa, was well received by the market, with a high quality orderbook in excess of US$3.8bn. The strong demand from global investors for the paper
London Stock Exchange has welcomed the listing of Almalia Sanlam Active Shariah Global Equity UCITS ETF (ticker: AMAL).
The Almalia Sanlam Active Shariah Global Equity UCITS ETF (the ETF) will launch via the HANetf platform and will be the world’s first active global equity Shariah-compliant ETF .
Almalia has selected Sanlam Investments UK to manage the assets of the E
London Stock Exchange today welcomes the Qatar National Bank (“QNB Group”) issuing their USD 600 million 1.625% note due September 2025 on London Stock Exchange’s Main Market. The deal was 3 times oversubscribed, receiving orders of $1.8bn from global and dedicated ESG investors.
This transaction makes QNB Group the first issuer from Qatar to issue a green bond, in line with its susta
Head of Middle East, Africa, India, Primary Markets, London Stock Exchange plc
Head of International Business Development, Primary Markets, London Stock Exchange, plc
Head of Equity Primary Markets, London Stock Exchange plc