Page 165 - ALEF EDUCATION PR REPORT - JULY 2024

7/16/24, 4:20 PM GCC IPOs raised $3.6bn in H1; top 5 offerings revealed as Saudi and UAE lead markets - Arabian Business: Latest News on the M…
It represents a year-on-year decline in value by 32 per cent compared to the first half of
2023, where issuers raised $5.3bn through 21 offerings.

Gulf IPOs in 2024

The Markaz report stated that Saudi Arabia led the region in terms of IPO proceeds during

the first half, raising a total of $2.1bn from 19 offerings constituting 59 per cent of total
GCC IPO proceeds.

This represented an increase of 141 per cent in the value of Saudi IPOs compared to H1

2023.

In the UAE, IPO proceeds totalled $1.3bn during the period with three offerings

constituting 37 per cent of total GCC IPO proceeds.

However, this marked a decline of 67 per cent in UAE proceeds compared to the same

period of last year.

In Kuwait, IPO proceeds totalled $147m during the period with one offering constituting 4
per cent of total GCC IPO proceeds.

The Healthcare sector accounted for nearly 22 per cent of the total proceeds during the

period through three offerings amounting to a total of $788m in proceeds led by Dr.
Soliman Fakeeh Hospital IPO, which raised $764m.

The Technology sector raised more than $515m through the IPO of Alef Education,

constituting 14 per cent of total GCC IPO proceeds raised during the period.

This was followed by initial public offerings from the Industrials, Consumer Staples, Food

and Beverages, Commercial and Professional Services and Insurance sectors that

constituted 12 per cent, 11 per cent, 9 per cent, 8 per cent and 6 per cent respectively.

Other sectors primarily include companies from the Financial Services, Utilities, Capital
Goods, Pharma Biotech & Life Science, Materials, Software & Services, and Consumer

Services.

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