In the second quarter of 2024, 14 IPOs raised $2.64B, according to the EY MENA IPO Eye report.
This represents an increase from 13 IPOs in Q2 2023, with a 45.3 per cent rise in proceeds. Dr Soliman Abdul Kader Fakeeh Hospital Co. listed on the Tadawul main market, securing $764M—the highest proceeds of the quarter, contributing 29 per cent of the total.
Alef Education Consultancy followed with $515M raised on the Abu Dhabi Securities Exchange, accounting for 19.5 per cent of proceeds.
Brad Watson, EY MENA Strategy and Transactions Leader, noted that despite challenges, Q2 2024 saw 14 IPOs raise $2.6B, with 11 companies from KSA, including the largest fundraiser, Dr Soliman Abdul Kader Fakeeh Hospital Co. The region’s IPO activity remained robust, fuelled by higher oil prices, economic recovery, and positive market sentiment.
Eight of the 14 IPOs showed positive returns by 30 June 2024, with Miahona Company achieving a 90.4 per cent gain.
Saudi Arabia led in IPO activity with 11 listings, raising $1.6B. The top contributors included Dr Soliman Abdul Kader Fakeeh Hospital Co. ($764M), Saudi Manpower Solutions Company ($240M), and Rasan Information Technology Company ($224M).
The UAE’s Alef Education Consultancy raised $515M, and Spinneys 1961 Holding Plc raised $375M. Beyout Investment Group (BIG) Holding Co. in Kuwait also listed, raising $147M.
Globally, IPO activity declined, with a 15 per cent drop in the number of IPOs and a 31 per cent decrease in proceeds.
