CMA studying 80 IPO applications: ElKuwaiz

Mohammed ElKuwaiz, Chairman of the Capital Market Authority (CMA)

The Capital Market Authority (CMA) is studying almost 80 files for initial public offerings (IPOs), Chairman Mohammed ElKuwaiz said, adding that financial advisors have a similar number of applicants.

In a speech at Biban 23 Forum, he said the CMA targets to reduce the timing of offerings, stressing that most applications are rejected for governance and disclosure reasons.

Offering is an important stage of fund raising for companies, but it comes at last, ElKuwaiz added, noting that work is underway with other agencies to encourage companies to go public.