Page 128 - 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
main market). The most significant fundraise was by Dr. Soliman Abdul Kader

Fakeeh Hospital Co. (US$764m).”

“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 H2 2024.”

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% 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%, making it the top-

performing market in the GCC, followed by the gain of 1% 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 US$1.6b was raised, with the highest proceeds from Dr.

Soliman Abdul Kader Fakeeh Hospital Co. at US$764m, followed by Saudi

Manpower Solutions Company (SMASCO) at US$240m and Rasan Information

Technology Company at US$224m. 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 US$85.4m. 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.

United Arab Emirates strong contributor, Kuwait marks first listing since Q4 2019

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