24 Dec, 2013NASDAQ Dubai, PwC and Latham & Watkins hold seminar on how to conduct IPOs on the region’s international exchange

PwC and Latham & Watkins teamed up with NASDAQ Dubai to hold a seminar on how to carry out initial public offerings (IPOs), in response to rapidly growing interest from companies in raising capital on the region’s international exchange.

More than 80 executives of potential issuers and experts from advisory companies attended theseminar, which focused on the advantages of going public on the exchange as well as explaining the IPO process and regulatory framework.

Companies that attended are based in the GCC region, India and Europe and are active in sectors including energy, IT, property, construction, trading, media, manufacturing, metals and agriculture.

Hamed Ali, Chief Executive of NASDAQ Dubai, said: "We are seeing strong growth in the number and quality of companies approaching us about going public. This seminar provided valuable advice from capital markets professionals of the highest calibre to help companies understand the benefits of the IPO route, as well as the preparation needed and the practical steps to be taken."

The expert speakers were Craig Hewett, Head – Business Development, NASDAQ Dubai; Steve Drake, Partner - Head of Capital Markets ME, PwC; Cristina de Torres, Director – Capital Markets ME, PwC; Andrew Tarbuck, Partner, Latham & Watkins; and Nomaan Raja, Associate, Latham & Watkins.

Mr Drake said: "PwC is working with a number of companies that have embarked on preparing for IPO. Laying solid foundations from the outset is critical in areas ranging from financial reporting to corporate governance and ensuring the company has the right management team. These are important factors to consider when seeking to attract investors and execute an IPO within a sensible time frame."

Mr. Tarbuck said: "The right advisors can ensure smooth navigation of the legal and regulatory process, including liaising with the regulator, the Dubai Financial Services Authority (DFSA), to produce the IPO prospectus. A clear understanding of regulatory requirements is a springboard for a company’s financial and commercial success both in the IPO and after listing."

The seminar also discussed the positive equity trends underway in the MENA region including rising IPO activity and a rapid increase in traded value on UAE exchanges.

Mr. Hewett said: "Large conglomerates as well as small and medium-sized enterprises are preparing to take advantage of benign conditions to raise equity capital. NASDAQ Dubai offers them the advantages of an international listing venue plus access to the Middle East’s dynamic investor base, together with an affordable fees framework."

NASDAQ Dubai is preparing to hold further forums on IPOs in 2014 at the request of potential issuers and advisers.