MENA IPO EYE Q2 2023

MENA IPO markets saw 13 IPOs during Q2 2023, raising US$1.8b in proceeds. During this period, the proceeds raised decreased by 80%, while the number of IPOs increased by 44% as compared with Q2 2022.

The MENA IPO Eye report analyzes IPO activities in the MENA region on a quarterly basis. It compares deals and volume to previous quarters, highlights recent developments, and notes key changes to regulations.

In Q2 2023, MENA IPO markets saw 13 IPOs raising US$1.8b in proceeds, with ADNOC L&S raising US$769.5m. Similar to Q1 2023, Saudi Arabia dominated the region’s IPO activity in terms of the number of listings in Q2 2023, with four listings on the Tadawul main market raising US$0.8b., and seven IPOs on the Tadawul (Nomu) parallel market with proceeds of US$0.1b.

Though there was a 44% increase in the number of IPOs, total proceeds raised in Q2 2023 decreased by 80% compared with Q2 2022. In H1 2023, there were 23 IPOs (4% y-o-y decrease) in MENA, raising US$5.2b, a 60% decrease in funds raised y-o-y. Despite the lower levels of proceeds from MENA IPOs y-o-y, the region remains buoyant from an IPO standpoint. There were no non-GCC IPOs in H1 2023, with new listings in the MENA region continuing to be driven predominantly by the Kingdom of Saudi Arabia (KSA) and the UAE.

Other major IPOs in the MENA region included Jamjoom Pharmaceuticals Factory Company, First Milling Company SJSC, Morabaha Marina Financing Co. on the Tadawul and Al Ansari Financial Services PJSC on the ADX.