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8/14/24, 12:02 PM Mena IPO activity robust in Q2; nets $2.64bn from 14 issues
Mena IPO Activity Robust In Q2; Nets $2.64bn From 14 Issues

COMMERCIAL NEWS

Aug 13, 2024 12:11 PM

The initial public offering activity in the Mena region remained resilient with 14 IPOs raising $2.64 billion in proceeds
during the second quarter, according to the EY Mena IPO Eye Q2 2024 report.

The number of IPOs increased from the 13 listings last year with a corresponding increase in proceeds of 45.3%
against the comparative quarter led by Saudi Arabia with 11 IPOs, it stated.

During Q2, 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 Education Consultancy with its listing on the Abu Dhabi Securities Exchange (ADX), which
contributed 19.5% of proceeds with the $515 million raised.

Brad Watson, EY Mena Strategy and Transactions Leader, said: "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."

"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," he stated.

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
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