Page 127 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:04 PM PRESSR: MENA region saw 14 IPOs valued at $2.64bln in Q2 2024 — TradingView News
PRESSR: MENA region saw 14

IPOs valued at $2.64bln in Q2

2024

Aug 13, 202412:16 GMT+4

The UAE had two listings in Q2, Alef Education Consultancy LLC and Spinneys
1961 Holding Plc

Kuwait saw first listing since 2019 with Beyout Investment Group (BIG)

Holding Co. on the KSE

Dubai, UAE – According to the EY MENA IPO Eye Q2 2024 report, IPO activity in

the MENA region remained resilient with 14 IPOs raising US$2.64b in proceeds

during the second quarter of this year. The number of IPOs increased from the

13 listings in Q2 2023, with a corresponding increase in proceeds of 45.3%

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 – US$764m –
and contributing 29% of the overall IPO proceeds. This was followed by Alef

Education Consultancy LLC with its listing on the Abu Dhabi Securities Exchange

(ADX), which contributed 19.5% of proceeds with the US$515m raised.

Brad Watson, EY MENA Strategy and Transactions Leader, says:

“Whilst the MENA equity markets continue to face challenges, Q2 2024 was a

stronger quarter with a total of 14 IPOs raising US$2.6b. Eleven of the

companies listed were in the KSA region (five of which were on the Tadawul

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