Ernst & Young has said that Initial Public Offering (IPO) markets remained flat in the Middle East and North Africa (MENA) region with $1.2bn in total IPO funds raised from the beginning of 2010 until now. The capital markets in the MENA region raised only $177mn in the third quarter of 2010, down 79.7 per cent from the $871.8mn raised in Q3 2009, and 70 per cent less from the $590.6m raised in Q2 2010, the firm said in its quarterly IPO Update report.