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MENA region saw 14 IPOs valued at $2.64bln in Q2

               2024



               By: Abu Dhabi SME Hub
               News

               Aug 13, 2024

               The UAE had two listings in Q2, Alef Education Consultancy LLC and Spinneys 1961 Holding Plc



               According to the EY MENA IPO Eye Q2 2024 report, IPO activity in the MENA region remained
               resilient with 14 IPOs raising US$2.64b in proceeds during the second quarter of this year. The
               number of IPOs increased from the 13 listings in Q2 2023, with a corresponding increase in
               proceeds of 45.3% against the comparative quarter.

               During Q2 2024 Dr. Soliman Abdul Kader Fakeeh Hospital Co. was listed on the Tadawul main
               market, raising the highest proceeds of the quarter – US$764m – and contributing 29% of the overall
               IPO proceeds. This was followed by Alef Education Consultancy LLC with its listing on the Abu
               Dhabi Securities Exchange (ADX), which contributed 19.5% of proceeds with the US$515m raised.

               Brad Watson, EY MENA Strategy and Transactions Leader, says:

               “Whilst the MENA equity markets continue to face challenges, Q2 2024 was a stronger quarter with
               a total of 14 IPOs raising US$2.6b. Eleven of the companies listed were in the KSA region (five of
               which were on the Tadawul main market). The most significant fundraise was by Dr. Soliman Abdul
               Kader Fakeeh Hospital Co. (US$764m).”

               “Increased liquidity driven by higher oil prices, economic recovery, and positive market sentiment
               has kept the IPO activity in the region buoyant with a strong pipeline for H2 2024.”

               Eight out of the 14 MENA IPOs listed in Q2 2024 had shown a positive return as of the 30 June 2024
               share price in comparison with their IPO price, with Miahona Company achieving the highest gain of
               90.4% within the period.

               Stock exchanges across the MENA region exhibited varied performances. MSCI Emerging Markets
               Index ended Q2 2024 with a gain of 4.2%, making it the top-performing market in the GCC, followed
               by the gain of 1% from Qatar Exchange (QE) general index.

               Saudi Arabia continues to lead regional IPO market
               As with Q1 2024, the Kingdom of Saudi Arabia (KSA) stood at the forefront of the region’s IPO activity
               in terms of the number of listings – 11 out of 14 – in Q2 2024. A total of US$1.6b was raised, with the
               highest proceeds from Dr. Soliman Abdul Kader Fakeeh Hospital Co. at US$764m, followed by
               Saudi Manpower Solutions Company (SMASCO) at US$240m and Rasan Information Technology
               Company at US$224m. Five out of the 11 IPOs were listed on the Tadawul main market, including
               the top three contributors, with the remaining six taking place on the Nomu market with total

               https://www.adsmehub.ae/en/explore/post-details/mena-region-saw-14-ipos-valued-at-264bln-in-
               q2-2024
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