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8/14/24, 12:01 PM Saudi Arabia leads GCC IPO momentum in Q2 2024, highlights PwC Middle East’s latest IPO+ Watch

Saudi Arabia leads GCC IPO

momentum in Q2 2024

Press Release2 minute readAugust 13, 2024

13 IPOs raised a total of $2.6bn in Q2 2024 across the GCC, compared to 13
IPOs in Q2 2023 that raised $1.8bn

IPOs in Saudi Arabia accounted for over 61% of total GCC IPO proceeds in
this quarter ($1.6bn)

The largest IPO of the quarter was Dr. Soliman Abdel Kader Fakeeh
Hospital Company raising $763m on Tadawul Main Market

Dubai, United Arab Emirates – 13 August 2024 – PwC Middle East’s latest
IPO+ Watch highlights a total of 13 IPOs raised $2.6 bn in the region in Q2 2024,
compared to the same number of IPOs in the corresponding period in 2023 that
raised $1.8bn. Notable listings this quarter include Dr. Soliman Abdel Kader
Fakeeh Hospital Company, which raised $763m on Tadawul, as well as Alef
Education and Spinneys, two of the largest listings in the UAE.

GCC indices broadly followed the trend in oil prices, whereby we experienced
lows at the end of June 2024. This is reflected in the S&P GCC Composite index
which was 4.2% lower at the end of June 2024 compared to the level at the start
of the year. That said, the overall momentum in the GCC stock markets broadly
remained at the high levels experienced in the corresponding quarter last year.
Saudi Arabia led the IPO activity in the GCC, raising $1.6 billion or 61% of the
total IPO activity recorded in the region in Q2 2024. Moreover, the aftermarket
performance for Q2 2024 IPOs was generally positive with Q2 2024 IPOs posting
gains of 43% on average.

Commenting on the findings, Muhammad Hassan, Capital Markets Leader at
PwC Middle East, said: “We have witnessed some volatility in the first half of
2024 in the performance of GCC stock exchange indices and oil prices. That said,
the number of new IPOs in the GCC continued to remain strong. Saudi Arabia
continued to dominate the IPO market, with H1 2024 experiencing 19 IPOs
compared to 17 IPOs in H1 2023.”

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