The MENA region witnessed a sharp rise in IPOs in 2024, with 54 listings raising $12.6bn, according to the EY MENA IPO Eye Q4 2024 report. This represents a 12.5 per cent increase in the number of IPOs and a 17.6 per cent growth in capital raised compared to the previous year.
Q4 records significant growth
The last quarter of 2024 was particularly strong, with 25 IPOs raising $7.9bn—32 per cent more listings and a 59.4 per cent increase in proceeds than Q4 2023. This surge was driven by high-value IPOs, including Talabat Holding plc, OQ Exploration & Production, and Lulu Retail Holdings. Talabat’s DFM listing accounted for 25.8 per cent of total Q4 proceeds, while OQ raised $2bn, making it Oman’s largest IPO. Morocco’s CMGP and Egypt’s United Bank also debuted in Q4.
Saudi Arabia leads with 17 IPOs
Saudi Arabia remained the region’s top IPO hub, accounting for 17 of Q4’s 25 listings and raising $1.2bn. Five of these were on the Tadawul Main Market, generating $1.1bn. Arabian Mills for Food Products Company and United International Holding Company led with $300m each. The kingdom’s IPOs spanned sectors like commercial services, materials, food and beverages, and healthcare.
UAE maintains strong performance
The UAE saw four IPOs in Q4, including Lulu Retail Holdings PLC ($1.7bn) and ADNH Catering PLC ($235m) on ADX, while Talabat raised $2bn on DFM. The country’s ESG focus is also shaping the IPO market, with a new law mandating carbon emissions reporting from May 2025.
Positive outlook for 2025
The MENA IPO market is set for further growth, with 38 companies and 22 funds expected to list. Saudi Arabia leads with 27 upcoming IPOs, followed by the UAE with three and Qatar with one. Major firms like Etihad Airways and Panda Retail Company are considering IPOs, reinforcing the region’s strong investment appeal.
