Initial public offerings (IPOs) in the UAE markets garnered $890 M in the second quarter (Q2) of this year, as reported in a recent economic study.
According to PwC Middle East’s latest IPO+ Watch, prominent IPOs in Q2 included Alef Education on the Abu Dhabi Securities Exchange (ADX), which raised $515 M, and Spinneys on the Dubai Financial Market (DFM), which raised $375 M—two of the largest IPOs in the UAE.
Saudi Arabia was the leading market for IPO activity in the GCC region, securing $1.6 B or 61 per cent of the total IPO activity in the region during Q2 2024.
The report highlights significant IPOs on the Saudi stock market this quarter, such as Dr. Soliman Abdel Kader Fakeeh Hospital Company’s IPO, which raised $763 M on the Tadawul stock exchange. Additionally, the quarter marked the first IPO on Boursa Kuwait in two years, with Beyout Investment Group Holding Company raising $147 M.
The report indicates that IPO activity spanned various sectors this quarter, including Health Industries ($774 M), Consumer Markets ($530 M), Financial Services ($256 M), Energy, Utilities and Resources ($148 M), Industrials, Manufacturing and Automobile ($407 M), and Technology, Media and Telecommunications ($515 M).
Furthermore, the report noted a substantial increase in Sukuk issuances during the quarter, which raised over $10 B compared to $2.6 B in the same period last year, reflecting a strong demand for Sharia-compliant financial products.