PwC Middle East’s latest IPO+ Watch report reveals that while the GCC IPO market in Q3 2024 saw fewer listings compared to Q3 2023, it achieved higher proceeds.
The quarter’s remaining three listings were on Nomu, the Saudi Exchange (Tadawul) parallel market.
For companies that went public in 2024, aftermarket performance has been largely positive, with most top 10 IPOs (by deal size) trading above their IPO price.
Muhammad Hassan, Capital Markets Leader at PwC Middle East, noted: “As in recent years, Q3 typically sees fewer IPOs. Since the quarter ended, however, several IPOs have either completed or been announced across the GCC, including Oman’s largest-ever IPO, OQ Exploration and Production, reinforcing a positive outlook for late 2024.”
In bonds and sukuk, the quarter raised $4.4B in bonds, reflecting nearly a 30 per cent year-on-year increase, and $5.2B in sukuks, with 88 per cent of sukuks issued on the Qatar Stock Exchange or Nasdaq Dubai. Nearly 65 per cent of bond and sukuk issuances originated from GCC governments.
Looking ahead, the outlook for the GCC IPO market is robust, with a strong pipeline of companies from various sectors preparing for future listings across the region.
