MENA IPO EYE Q3 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 five initial public offerings (IPOs) during Q3 2024, raising US$0.93b in proceeds. There was a notable increase in proceeds of 76.8% when compared with Q3 2023, despite the decrease in the number of IPOs. The Abu Dhabi Securities Exchange (ADX) welcomed the largest offering of the quarter in the MENA region with NMDC Energy PJSC raising US$877m and contributing 94.8% of the overall IPO proceeds.

The Kingdom of Saudi Arabia (KSA) continued to dominate the region’s IPO activity with three listings, out of five, in Q3 2024, raising US$27m. The highest proceeds were from Tharwah Human Resources Company (US$12m) followed by ASG Plastic Factory Company (US$9m) and Al Ashghal Almoysra Company (US$6m) which were listed on the Tadawul Nomu Market.

The quarter also marked a milestone for the non-GCC region with its first IPO listing this year. Act Financial was listed on the Egyptian Exchange (EGX), the exchange's first listing in the last two years. The IPO performance remained mostly positive, with four out of the five IPOs in Q3 2024 registering an increase in share price on the first day of trading. Act Financial stood out with the highest first-day gain of 30%.
Despite geopolitical challenges, the MENA markets continue to show a robust IPO pipeline. An additional 11 private companies and five funds intend to list on the MENA exchanges in 2024, spanning a variety of sectors. In the GCC, Lulu Group International, Talabat Middle East FZ LLC, and OQ Exploration & Production LLC have announced their upcoming listings on the ADX, Dubai Financial Market (DFM) and Muscat Stock Exchange (MSX) respectively. In the KSA, Tamkeen Human Resources Co, Arabian Company for Agricultural and Industrial Investments, and Nice One Beauty Digital Marketing Co have received approval from the Capital Market Authority (CMA).

The region also continues to focus on environmental, social, and governance (ESG) objectives. The UAE has introduced a law, effective May 2025, mandating carbon emissions reporting. It requires companies to comply with decarbonization strategies and implement solutions such as renewable energy, and carbon offsetting. This aligns with the UAE's commitment to reduce climate change impacts and achieve its net-zero goals for 2050.