RIYADH: Marafiq, the Saudi Arabian utility whose shareholders include Aramco and Sabic, secured enough investor demand to fully cover its up to US$897mil (RM4.2bil) initial public offering (IPO) within hours of opening order books.
Marafiq is part of a late-year rush of IPOs in the Middle East even as markets worldwide are hit by inflation fears and the risk of an economic slowdown. A surge in oil prices at the start of 2022, as well as increased investor inflows, led to a flurry of listings in the Gulf, which notched up its best first half on record.
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