Page 118 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:03 PM UAE, Saudi Arabia lead Middle East IPO surge in second quarter - TRENDS Mena
UAE, Saudi Arabia lead Middle East IPO surge in second quarter
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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. (WAM)
By TRENDS Desk
August 13, 2024 11:03 pm A total of 14 IPOs recorded total proceeds of US$2.64 billion, up 45.3 percent compared to the same period last
year.
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.

Abu Dhabi, UAE — The IPO market in the Middle East and North Africa (MENA) region remained resilient
during the second quarter of this year, with 14 IPOs registering total proceeds of US$2.64 billion, up 45.3 percent
compared to the same period last year.
According to the Ernst & Young report on IPO activity in the MENA region, the second quarter of this year saw
the listing of Dr. Soliman Abdul Kader Fakeeh Hospital Co on Saudi Arabia’s main market, raising $764 million,
29 percent of the region’s IPO proceeds for the quarter, followed by Abu Dhabi Securities Exchange’s (ADX)
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listing of Alef Education Consultancy LLC, which contributed 19.5 percent or $515 million, WAM reported.
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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