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How Do You See the Opportunity in Your Obstacles? MENA IPO Eye: Q1 2021 Ey.Com Contents

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How do you see the opportunity in your obstacles? MENA IPO Eye: Q1 2021 ey.com Contents MENA IPO market 04 GCC market highlights 11 Non-GCC market 15 Global IPO market 17 highlights Appendix 27 About this report EY MENA IPO Eye report is released every quarter and looks at the IPO markets, trends and outlook for the MENA region. The current report provides insights, facts and figures on the MENA IPO market during Q1 2021. You will find this report at the EY IPO website and you can subscribe to receive it every quarter. All values are US$, unless otherwise noted. Subscribe to MENA IPO Eye reports Get the latest MENA IPO analysis direct to your inbox. MENA IPO market “The MENA region’s IPO market was off to a slower than expected start in First quarter IPO market 2021, despite expectations for an increase in IPO activity after an uptick and stronger performance in Q4 of 2020, with total proceeds down by 64% in Q1 demonstrating strong investor 2021 when compared to the same period last year. The three IPOs during this quarter, which raised a total of US$295m in proceeds, demonstrated strong demand, with a positive outlook investor demand in the market, particularly in KSA — hence we expect IPO activity to bounce back over the coming months while economic conditions in on increased activity in the the region continue to improve, aided by the accelerated vaccine rollouts and coming quarters, despite a the possibility of reaching herd immunity.” slower-than-expected start. Matthew Benson EY MENA Strategy and Transactions Leader MENA IPO Eye: Q1 2021 | Page 3 MENA IPO market 1 MENA IPO market summary: off to a slower start than prior year, hampered by continued uncertainty from the COVID-19 global pandemic Key highlights MENA IPO overview • MENA IPO markets saw three IPOs during the first quarter of 2021, with total proceeds of US$294.8m, down by 64% compared with the first quarter of 2020. These listings were in Change quarter- Top listing venue the transport, power and utilities, and real estate sectors. Q1 2021 over-quarter (QoQ) Q1 2021 • The Saudi Stock Exchange (Tadawul) was MENA’s top listing venue for Q1 with two listings totaling US$281.6m, which represented 96% of the total amount raised by MENA IPO candidates in Q1 2021. (Tadawul) • The IPO market in MENA was off to a slow start in 2021, despite expectations for an -25% increase in activity after an uptick in issuances in Q4 of 2020 with four IPOs and US$925m 3 2 IPOs raised in proceeds. Continued uncertainty around the impact of the ongoing pandemic has IPOs IPOs affected the MENA markets even as oil prices have continued their recovery and vaccination roll outs have been gaining speed across the region. US$295m -64% US$282m • The first IPO of the year was Oman REIT Fund which raised US$13.2m and got listed on the proceeds Proceeds proceeds Muscat Stock Exchange (MSX). Although 261,943,500 units were offered to the market, only 49,943,500 units were eventually subscribed to. Note: Change QoQ reflects Q1 2020 vs. Q1 2021 • The first listing on the Tadawul for 2021, Alkhorayef Water & Power Technologies, raised US$144m by floating 30% of its shares. The offering was heavily oversubscribed, with the retail offering being oversubscribed by 1,511% and the institutional offering by 6,320%. MENA IPO activity • Theeb Rent a Car Company became the second company to list an IPO on Tadawul during Q1 2021, by offering 30% of its shares to the public and raising US$138m. Strong investor 900 5 demand led to an oversubscription of 6,010% for the institutional tranche and 3,385% for 800 the retail offering. 700 4 • Other listings for Q1 2021 included the direct listing of Foodco National Foodstuff P.J.S.C., 600 4 3 which listed 280 million shares with a nominal value of AED1 per share, on the ADX Second 500 Market, under the trading symbol FNF. In Saudi Arabia, Watani Iron Steel Company 400 814 3 US$m 2 completed their direct listing on Nomu on 17 February 2021, after having received the 300 approval from the Capital Market Authority (CMA) at the end of 2020. 200 IPOs of No. 295 1 100 0 0 Q1 20 Q1 21 Proceeds, US$m Axis Title Number of IPOs Source: Refinitiv Eikon, S&P Capital IQ. MENA IPO Eye: Q1 2021 | Page 5 MENA IPO market summary MENA IPO activity (Q1 2018–Q1 2021) 30,500 9 10 9 7 8 2,500 6 6 6 7 6 2,000 4 4 4 5 30,170 US$m 2,665 1,500 3 4 No. of IPOs of No. 1,000 2 3 329 2 26 1,031 1 1 500 762 830 603 546 190 Nil 282 1 347 158 190 0 63 58 53 116 95 13 0 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Number of IPOs Capital raised (US$m) REIT value raised (US$m) GCC IPOs Non-GCC IPOs 30 1 900 6 1 801 1 800 5 5 25 1 700 603 20 1 600 4 500 3 3 3 15 1 US$m 400 US$m 295 IPO of No. Axis TitleAxis 10 0 300 2 IPOs of No. 1 200 5 0 1 0 100 58 26 0 13 0 0 0 0 0 Q1 18 Q1 19 Q1 20 Q1 21 Q1 18 Q1 19 Q1 20 Q1 21 Proceeds US$m Number of IPOs Proceeds US$m Axis Title Number of IPOs Notes: IPOs, including REIT listings, have been considered in each quarter, based on the subscription closing date. Source: Refinitiv Eikon, S&P Capital IQ. MENA IPO Eye: Q1 2021 | Page 6 MENA equity markets: positive performances across most MENA markets Key highlights MENA exchanges key data • MENA equity markets during Q1 2021 saw some strong performances, such as in Abu Dhabi where the index was up by 17.2% as well as on the Tadawul with the index having gained 14% Q1 2021 Exchange during the first quarter. Other markets such as Egypt, Bahrain and Qatar had negative Index Selected MENA indices index market cap returns for Q1, while Kuwait’s Premier Market and the Muscat Stock Exchange (formerly PE ratio* MSM) ended the first quarter of the year in positive territory. return (US$b) • On the Tadawul, both IPOs of Q1 reached the maximum price fluctuation limit on listing day MSCI Emerging Markets (EM) Index 1.9% 21.5 with a price increase of 30%. The Tadawul had changed this limit from 10% to 30% late last year and both IPOs reached the new limits that have been set, showing a sign of IPO “pops” in Saudi Arabia, which are relatively uncommon for the MENA region. This strong Tadawul All Share Index (TASI) 14.0% 2568.5 25.5 performance continued with both Alkhorayef and Theeb shares trading up by 43% and 40%, respectively, for Q1 from the date of listing. Qatar Exchange General Index –0.4% 166.4 18.5 • The Oman REIT Fund saw a negative return of 3% on its listing day, with the fund price down 6% for the quarter as compared with its IPO price. Abu Dhabi Securities Market General Index 17.2% 236.3 17.2 MENA IPO pricing and performance Dubai Financial Market General Index (DFMGI) 2.3% 97.1 12.5 Alkhorayef Water & Power First-day return Share price performance Q1 2021 Technologies +30%^ Listing date: 3/1/2021 Tadawul +43% Bahrain All Share Index (BSEX) –2.2% 24.1 9.1 Power and utilities Theeb Rent a Car Company First-day return Share price performance Q1 2021 EGX 30 Index –2.5% 44.4 8.9 Listing date: 3/29/2021 +30%^ +40% Transport Tadawul Boursa Kuwait Premier Market Index 5.0% 84.9 25.4 Oman REIT Fund First-day return Share price performance Q1 2021 Listing date: 2/28/2021 –3% Muscat Stock –6% REIT Exchange MSM General Index 1.3% 28.5 9.4 Notes: 1) + or — indicates change compared with offer price at IPO. 2) Share price performance measured by IPO price — 31 March 2021 (exception: ^ indicates maximum daily price fluctuation limit was reached). All data 31 March 2021 *The price-earnings (PE) ratio of the index as calculated by Refinitiv and based on trailing PE ratio. Source: Refinitiv Eikon, S&P Capital IQ, stock exchange disclosures. MENA IPO Eye: Q1 2021 | Page 7 MENA markets and oil price performance: increased oil prices bode well for producers in MENA economies MENA exchanges' performance In the first quarter, oil market balance continued to tilt toward an 20% inventory draw. Demand crept up, OPEC and oil producers outside of North America increased output 10% while the capital constrained North American producers reduced output. 0% Going forward, we can expect continued gradual growth in Market return Market demand and supply. Over time, as (percentage change) (percentage -10% inventories draw down to where Jan 21 Feb 21 Mar 21 Apr 21 they were before the pandemic, Abu Dhabi Securities Exchange General Index Bahrain All Share Index producers will coordinate supply DFM General Index Qatar Exchange General Index expansion at rates slightly higher Tadawul All Share Index EGX 30 Index than demand recovery until the Source: Refinitiv Eikon MSM General Index Boursa Kuwait Premier Market Index market is balanced in real time.
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