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7/15/24, 3:34 PM GCC IPOs raise $3.6bn in H1; Saudi markets spearhead growth
GCC IPOs Raise $3.6bn In H1; Saudi Markets Spearhead Growth

COMMERCIAL NEWS

Jul 14, 2024 3:41 PM

The initial public offerings (IPO) in the GCC markets has raised total proceeds of $3.6 billion through 23 offerings
during the first six months, marking a year-on-year decline in value by 32% compared to H1 last year, where it raised
$5.3 billion through 21 offerings, according to Kuwait Financial Centre (Markaz).

Markaz in its report titled 'Initial Public Offerings (IPO) in the GCC markets,' stated that Saudi Arabia led the region in
terms of IPO proceeds during the first half, raising a total of $2.1 billion from 19 offerings constituting 59% of total
GCC IPO proceeds.

This represented an increase of 141% in the value of Saudi IPOs compared to H1-2023. In the UAE, IPO proceeds
totaled $1.3 billion during the period with 3 offerings constituting 37% of total GCC IPO proceeds.

However, this marked a decline of 67% in UAE proceeds compared to the same period of last year. In Kuwait, IPO
proceeds totaled $147 million during the period with 1 offering constituting 4% of total GCC IPO proceeds.

Sector Allocation:

The Healthcare sector accounted for nearly 22% of the total proceeds during the period through three offerings
amounting to a total of $788 million in proceeds led by Dr. Soliman Fakeeh Hospital IPO that raised $764 million.
The Technology sector raised more than $515 million through the IPO of Alef Education, constituting 14% of total
GCC IPO proceeds raised during the period.

This was followed by IPOs from the Industrials, Consumer Staples, Food and Beverages, Commercial & Professional
Services and Insurance sectors that constituted 12%, 11%, 9%, 8% and 6% respectively. Other sectors primarily

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