Page 129 - 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
The United Arab Emirates (UAE)’s Alef Education Consultancy LLC, listed on the

Abu Dhabi Securities Exchange, raised US$515m in the academic and education

services sector with its IPO. The listing of Spinneys 1961 Holding Plc, a family
business, on the Dubai Financial Market (DFM) raised US$375m. Together, these

two IPO listings in the UAE accounted for 33.8% of the quarter’s total proceeds.

Marking the first listing in Kuwait since Q4 2019, Beyout Investment Group (BIG)

Holding Co. raised US$147m 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 LLC, 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.

Gregory Hughes, EY MENA IPO Leader, says:

“The MENA IPO market continued to be led by the KSA and the UAE markets.

However, the Kuwait Boursa welcomed their first listing since 2019. There is a

continued focus on economic diversification away from oil and gas, with the

MENA region continuing to see listings from a variety of sectors including health

care, education, consumer goods and professional services. As we enter a phase
of declining interest rates and continue to witness major country elections

around the world, we will monitor with interest the subsequent impact on

regional markets and IPO activity.”

Globally, IPO activity declined in comparison to Q2 2023; the number of IPOs

dropped by 15% from 317 to 271, and proceeds decreased by 31% falling from

US$40.4b to US$27.8b. The EMEIA region, however, made a remarkable
comeback, with inflation approaching ‘normal’ levels, interest rates falling,

stock markets rallying to hit all-time highs, and volatility remaining low. This

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