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MENA IPO EYE Q2 2024
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.
The MENA markets saw 14 initial public offerings (IPOs) during Q2 2024, raising US$2.64b in proceeds. The number of IPOs increased from 13 IPOs in Q2 2023 and there was an increase in proceeds of 45.3% compared with the comparative quarter. Dr. Soliman Abdul Kader Fakeeh Hospital Co. listed on the Tadawul Main Market raised the highest proceeds (US$764m) in the quarter and contributed 29% of the overall IPO proceeds, followed by Alef Education Consultancy LLC which was listed on the Abu Dhabi Securities Exchange (ADX) and contributed 19.5% (US$515m).
The KSA dominated the region’s IPO activity in terms of the number of listings (11 out of 14) in Q2 2024, raising US$1.6b, with the highest proceeds from Dr. Soliman Abdul Kader Fakeeh Hospital Co. (US$764m) followed by Saudi Manpower Solutions Company (SMASCO) (US$240m) and Rasan Information Technology Company (US$224m) which were listed on the Tadawul Main Market (five out of 11 IPOs were listed on the Tadawul Main Market). The remaining six IPOs took place on the Nomu Market with total proceeds of US$85.4m. In Q2 2024, the IPO funds raised in the KSA have come from a variety of sectors, such as health care, equipment services, commercial and professional services, materials, mineral resources, and finance and insurance services.
The MENA IPO market is continued to be led by the KSA and the UAE markets. However, the Kuwait Boursa welcomed their first listing since 2019.The IPO market in the MENA region is poised for robust activity in 2024. An additional 16 private companies and seven funds intend to list on the MENA exchanges in 2024 across various sectors.
In Q2 2024, global IPO activity declined compared to Q2 2023. The number of IPOs dropped by 15% from 317 to 271. Additionally, proceeds decreased by 31% falling from US$40.4b to US$27.8b. In Q2 2024, the Americas saw a modest improvement driven by several large deals, with seven listings each raising over US$500m. The Asia-Pacific IPO market saw a staggering decline of 82% and 50% decrease in proceeds and volume respectively, in Q2 2024. The EMEIA region has made a remarkable comeback, with inflation approaching "normal" levels, interest rates falling, stock markets rallying to hit all-time highs and volatility remaining low.