Two Mideast Firms Draw Orders Worth $87 Billion in IPO Frenzy
- Broadcaster MBC Group gets $14.5 billion in investor orders
- IPOs in Persian Gulf have been attracting strong demand
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Investors’ appetite for initial public offerings in the Persian Gulf is showing no signs of fatigue, with a Middle Eastern broadcaster and a health-care firm drawing a combined $87 billion in orders for their share sales.
MBC Group, the Middle East’s biggest broadcaster, drew 54.5 billion riyals ($14.5 billion) in institutional investor orders for its $222 million Riyadh IPO — for a subscription coverage of about 66 times — it said on Tuesday. The firm has yet to take orders from retail investors, meaning the total order book will be even larger.