Citi's Azevedo: 10 IPOs in GCC Next Year

The transcript discusses the current and future trends in the Middle East's IPO market, highlighting the waves of government, family-owned, and tech companies entering the market. It examines the drivers of investment banking activities, emphasizing the role of IPOs. The balance between local and international participation is explored, with a focus on maintaining investor engagement. The performance of IPOs is reviewed, noting challenges in the secondary market. The impact of oil prices and regional economic changes is considered, particularly in Saudi Arabia. Egypt's market prospects are discussed, with potential for tech IPOs. Finally, the global market outlook is addressed, anticipating a recovery post-recession.

What are the three waves of companies entering the IPO market in the Middle East?

• Family-owned, retail businesses, and government-owned

• Startups, tech companies, and retail businesses

• Tech companies, retail businesses, and startups

• Government-owned, family-owned, and tech companies

Which city emerged as a new player in the IPO market in 2022?

• Dubai

• Abu Dhabi

• Cairo

• Riyadh

What is the typical allocation split between local and international demand for IPOs in the Middle East?

• 50% local, 50% international

• 60% local, 40% international

• 75% local, 25% international

• 80% local, 20% international

What is a key challenge faced by some IPOs in the Middle East?

• Struggles in the secondary market

• Lack of international demand

• Excessive government regulation

• High oil prices

How might falling oil prices influence the urgency of conducting IPOs?

• Increase urgency due to lower revenues

• Lead to more government intervention

• Decrease urgency as oil prices stabilize

• Have no impact on IPO urgency

What sector in Egypt is expected to see IPO activity in the next 12 to 18 months?

• Retail

• Manufacturing

• Tech and fintech

• Agriculture

What global economic condition is affecting the investment banking market?

• Economic boom

• Deflation

• Recession

• Stable growth