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8/14/24, 12:04 PM Regional IPOs raise $2.64bn in second quarter of 2024 - Times of Oman

Regional IPOs raise $2.64bn in second quarter of 2024

Business Tuesday 13/August/2024 18:00 PM

By: Times News Service A A A A

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Muscat: IPO activity in the MENA region remained resilient with 14 IPOs raising $2.64 billion in

proceeds during the second quarter of this year, according to the EY Mena IPO Eye Q2 2024 report,

The number of initial public offerings (IPOs) increased from the 13 listings in the second quarter (Q2)
2023, with a corresponding increase in proceeds of 45.3 percent 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 percent 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 percent of proceeds with the $515m raised.

Brad Watson, EY Mena Strategy and Transactions Leader, said: “Whilst the Middle East and North Africa
(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 fund raiser was by Dr. Soliman Abdul Kader Fakeeh

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