The findings, which have been widely reported in the Gulf today, are a worrying indicator for a region which has been suffering from the effects of the Arab Spring and continued political uncertainty.
PwC found there were only three IPOs during the period, which raised $212m, a 3% fall in value on the previous quarter.
According to Arabian Business.com, which reported on the research, Saudi Arabia contributed two of the three IPOs, raising $148m, or 70%, of the total raised across the region – an indication, said the newspaper, of the strength of the Kingdom.
Furthermore, the average IPO size during the quarter dropped significantly from $343m in the fourth quarter of 2010 to just $71m last year.
During the whole of 2011 there were only nine IPOs, raising a total of $789m, down from 12 listings claiming a total of $2.013bn in 2010.