Page 123 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:04 PM Regional IPOs raise $2.64bn in second quarter of 2024 - Times of Oman
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 the second half (H2) 2024,” he

further added.

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 percent 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 percent, making it the top-performing market in the GCC, followed

by the gain of one percent 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
The United Arab Emirates (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, a family business, on the Dubai Financial Market (DFM) raised $375 million.

Together, these two IPO listings in the UAE accounted for 33.8 percent of the quarter’s total proceeds.
Marking the first listing in Kuwait since Q4 2019, Beyout Investment Group (BIG) Holding Co. raised

$147 million on the Kuwait Stock Exchange (KSE).

The remainder of 2024 is set to see robust activity in the IPO market, with an additional 16 private
companies and seven funds across various sectors intending to list on the MENA exchanges. Of the

companies intending to list, 14 are in KSA, including Riyad Capital, United International Holding Co.

and Arabian Mills for Food Products, among others. One company in the UAE has also obtained
approval to list, alongside Go Bus in Egypt.

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