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Gulf IPOs raise 45% more in Q2 than last year

By Martyn Cornell, Chris Hamill-Stewart
Gulf IPO Alamy
The UAE's two IPOs in Q2 2024 made up a third of the region’s overall proceeds
  • Total surges to $2.64bn
  • Saudi Arabia is main driver
  • Kuwait has first IPO in five years

The money raised in IPOs in the Gulf region soared in the second quarter of the year, with 14 deals worth a total of $2.64 billion struck in the healthcare, education and technology sectors.

The number of IPOs rose only slightly year on year, from 13 listings in the second quarter of 2023, but proceeds for the quarter leapt by 45 percent compared with the previous year.

Saudi Arabia was the main driver. Its largest deal, a $764 million listing of the Dr Soliman Abdul Kader Fakeeh Hospital Co on the Tadawul stock exchange made up 29 percent of overall IPO proceeds for the region.

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Overall, Saudi Arabia raised $1.6 billion. The kingdom’s other IPOs included a $240 million listing of Saudi Manpower Solutions Company, while Rasan Information Technology Company raised $224 million.

Kuwait had its first IPO listing since 2019 – Beyout Investment Group Holding Co raised $147 million on the Kuwait Stock Exchange. 

The UAE made a strong contribution, and its two IPOs contributed 34 percent of the region’s overall proceeds. The academic and education services provider Alef Education Consultancy listed on the Abu Dhabi Securities Exchange and raised $515 million, while the listing of family-owned supermarket business Spinneys raised $375 million on the Dubai Financial Market.

The momentum is expected to continue, and 14 Saudi companies have announced their intention to list by the end of the year.

Eight out of the 14 Mena IPOs listed in Q2 had a positive share price return as of June 30 in comparison with their IPO price, data from EY’s Mena IPO Eye Q2 2024 report shows.

Brad Watson, EY Mena’s strategy and transactions leader, said: “Increased liquidity driven by higher oil prices, economic recovery, and positive market sentiment has kept the IPO activity in the region buoyant, with a strong pipeline for H2 2024.”

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