Page 183 - ALEF EDUCATION PR REPORT - JULY 2024

7/15/24, 3:34 PM GCC IPO Activity Dips To $3.6Bn In H1 2024 Despite Rise In Saudi Arabia
This surge accounted for 59% of the total GCC IPO proceeds. Conversely, the UAE
witnessed a substantial drop of 67% in IPO proceeds, generating $1.3bn through only 3

offerings, which constituted 37% of the regional total. Kuwait saw a single offering raise
$147m, contributing 4% to the overall figure.

The healthcare sector dominated the first half with three offerings raising a combined $788m,

or nearly 22% of the total proceeds. Dr. Soliman Fakeeh Hospital's IPO, the largest in H1
2024, was a key contributor, raising $764m.

The technology sector followed with $515m raised through the IPO of Alef Education,

representing 14% of the total. Other notable sectors included industrials, consumer staples,
food and beverages, and commercial & professional services.

The Saudi Arabian market (Tadawul) captured the lion's share of IPO proceeds, accounting

for 59% of the total with $1.95bn listed on the Main Market and $143m on the Nomu-Parallel
Market. Dubai Financial Market (DFM) hosted offerings worth $805m (23% of the total), while

Abu Dhabi Securities Exchange (ADX) saw $515m raised (14%). Kuwait's Boursa Kuwait
contributed 4% to the total with $147m.

Top Performers

Markaz's report highlighted the top 5 GCC IPOs by proceeds in H1 2024:

Dr. Soliman Abdulkader Fakeeh Hospital Company ($764m)
Alef Education ($515m)

Parkin Company ($429m)

Spinneys Company ($375m)
Modern Mills Company ($314m)

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