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8/14/24, 12:02 PM Mena region sees 14 IPOs valued at $2.64bn in Q2 2024
Mena region sees 14 IPOs valued at
$2.64bn in Q2 2024

DUBAI, 22 hours, 11 minutes ago
IPO activity in the Mena region remained resilient
with 14 IPOs raising $2.64 billion in proceeds
during the second quarter (Q2) of this year,
according to the EY Mena IPO Eye Q2 2024
report.

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
– $764 million – and contributing 29% of the
overall IPO proceeds. This was followed by Alef Gregory Hughes
Education Consultancy LLC with its listing on the
Abu Dhabi Securities Exchange (ADX), which contributed 19.5% of proceeds with $515 million raised.

Strong quarter
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 $2.6 billion. 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 ($764 million).”

“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 $1.6 billion was raised, with the highest proceeds from Dr
Soliman Abdul Kader Fakeeh Hospital Co at $764 million, followed by Saudi Manpower Solutions Company
(SMASCO) at $240 million and Rasan Information Technology Company at $224 million.

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 proceeds of $85.4 million. Funds raised originate from a
number of different sectors including healthcare, equipment services, commercial and professional services,
materials, mineral resources, and finance and insurance services.

The kingdom also leads in the IPO pipeline activity, with 14 Saudi companies announcing their intention to list by the
end of the year.

UAE strong contributor, Kuwait marks first listing since Q4 2019
The UAE’s Alef Education Consultancy, listed on the Abu Dhabi Securities Exchange, raised $515 million in the
academic and education services sector with its IPO. The listing of Spinneys 1961 Holding Plc, a family business, on
the Dubai Financial Market (DFM) raised $375 million. Together, these two IPO listings in the UAE accounted for
33.8% of the quarter’s total proceeds.

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