Most of Dubai’s Newly Listed Shares Are Trading Below IPO Price
- Taaleem becomes latest IPO stock to drop on trading debut
- Weakness in stocks reflects economic headwinds, declining oil
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A flurry of initial public offerings in Dubai this year promised to revive the city’s trading volumes and help deepen capital markets. Now, the majority of those newly listed shares are trading below their IPO price as oil declines weigh on appetite.
The latest to list is private school operator Taaleem Holdings, which dropped as much as 13% on its trading debut after raising $204 million from an initial public offering.