Page 34 - ALEF EDUCATION PR REPORT - AUGUST 2024

9/2/24, 9:35 AM Talabat IPO: Parent of UAE food delivery firm preparing for Dubai listing | The National
operator Pure Health’s $986 million listing in December last year.

The list of potential IPOs is also growing.

In June, UAE-based hospital operator NMC Healthcare appointed Rothschild as a

financial adviser to help it explore strategic options for its shareholders, including an IPO.

Abu Dhabi’s LuLu Group International is also planning to launch its IPO this year and list

its shares on the ADX, the region's second-largest bourse by market capitalisation.

The hypermarket and chain operator has hired investment bank Moelis to advise it on the

deal, a company representative told The National last year.

IPO momentum

The UAE, as well as the other members of the six-member economic bloc of the GCC,

have seen a consistent rise in IPO activity over the past two years.

Companies in the UAE raised $890 million through IPOs in the second quarter of this year

alone.

Saudi Arabia's Tadawul, however, led the volume of deals, with companies in the kingdom

raising an aggregate of $1.6 billion, or 61 per cent, of the total IPO activity recorded

during the period, according to PwC's quarterly IPO Watch report.

The DFM, over the past few years, has also seen substantial listing activity.

Companies in Dubai raised Dh34.5 billion through selling shares in the past three years,

with aggregate investor demand for those listings reaching more than Dh1 trillion, the

Dubai Securities and Exchange Higher Committee said in March.

The continued IPO activity in that period has helped the Dubai bourse to maintain robust

growth that pushed its general index to become the fifth-best performer globally last year,

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