Page 61 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:43 PM Resilient MENA IPO market generates $2.64 billion in Q2 2024
Resilient MENA IPO market generates $2.64 billion in Q2 2024, set for strong remainder of year: Report
Q2 global IPO activity experienced 15 percent drop in offerings and 31 percent decline in
proceeds

UAE's Alef Education Consultancy LLC and Spinneys 1961 Holding Plc together accounted for 33.8 percent of the region's total
IPO proceeds for the quarter.
The IPO market in the Middle East and North Africa (MENA) region demonstrated resilience
during the second quarter of this year. According to the Ernst & Young report, the region witnessed
14 IPOs that generated total proceeds of $2.64 billion, a 45.3 percent increase compared to the same
period last year.
The quarter saw the listing of Dr. Soliman Abdul Kader Fakeeh Hospital Co on Saudi Arabia’s main
market, raising $764 million, which accounted for 29 percent of the region’s IPO proceeds. Another
notable listing was Abu Dhabi Securities Exchange’s (ADX) Alef Education Consultancy LLC,
contributing 19.5 percent or $515 million to the total.
Additionally, the UAE’s Alef Education Consultancy LLC and Spinneys 1961 Holding Plc together
accounted for 33.8 percent of the region’s total IPO proceeds for the quarter.
Read more: Majority of Middle East IPOs experience positive aftermarket gains in 2024:
Report
Saudi Arabia’s IPO market remained active, with companies raising a total of $1.6 billion. The
Saudi Manpower Solutions Company (SMASCO) and Rasan Information Technology Company
were among the notable IPOs, raising $224 million and $147 million, respectively.
Boursa Kuwait also saw its first listing since the fourth quarter of 2019, with the offering of Beyout
Investment Group (BIG Holding), which raised $147 million.

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