Page 117 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:03 PM Middle East sees surge with 14 IPOs raising $2.64 billion, led by UAE, Saudi Arabia
Abu Dhabi Securities Exchange's (ADX) listing of Alef Education Consultancy LLC, which
contributed 19.5 percent or $515 million.

The UAE's Alef Education Consultancy LLC and Spinneys 1961 Holding Plc accounted for 33.8
percent of the region's total proceeds for the quarter.

Saudi IPOs raised $1.6 billion during the quarter, with Saudi Manpower Solutions Company
(SMASCO) raising the kingdom's second-largest amount and Rasan Information Technology
Company coming in third at $224 million.

Boursa Kuwait saw its first listing since the fourth quarter of 2019, with the listing of Beyout

Investment Group (BIG Holding) raising $147 million.

According to the report, the remainder of 2024 is set to see strong activity in the IPO market, with
16 private companies and seven funds across various sectors planning to list on MENA exchanges.

Globally, IPO activity declined in comparison to Q2 2023, down 15 percent from 317 to 271, with
proceeds down by 31 percent from $40.4 billion to $27.8 billion.

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