Page 103 - ALEF EDUCATION PR REPORT - AUGUST 2024

MENA region saw 14 IPOs valued at US$2.64b in

Q2 2024

Press contact

Lamice Murshid

EY MENA Brand, Marketing and Communications Leader
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

https://www.ey.com/en_qa/newsroom/2024/08/mena-region-saw-14-ipos-valued-at-us-2-64b-in-
q2-2024