Page 134 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 12:05 PM Middle East sees surge with 14 IPOs raising $2.64 billion, led by UAE, Saudi Arabia
Hospital Co on Saudi Arabia's main market, raising $764 million, 29 percent of the

region's IPO proceeds for the quarter, followed by Abu Dhabi Securities Exchange's

(ADX) listing of Alef Education Consultancy LLC, which contributed 19.5 percent

or $515 million.

The UAE's Alef Education Consultancy LLC and Spinneys 1961 Holding Plc

accounted for 33.8 percent of the region's total proceeds for the quarter.

Saudi IPOs raised $1.6 billion during the quarter, with Saudi Manpower Solutions

Company (SMASCO) raising the kingdom's second-largest amount and Rasan

Information Technology Company coming in third at $224 million.

Boursa Kuwait saw its first listing since the fourth quarter of 2019, with the listing

of Beyout Investment Group (BIG Holding) raising $147 million.

According to the report, the remainder of 2024 is set to see strong activity in the
IPO market, with 16 private companies and seven funds across various sectors

planning to list on MENA exchanges.

Globally, IPO activity declined in comparison to Q2 2023, down 15 percent from

317 to 271, with proceeds down by 31 percent from $40.4 billion to $27.8 billion.

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