Page 69 - ALEF EDUCATION PR REPORT - AUGUST 2024

Overall, Saudi Arabia raised $1.6 billion. The kingdom’s other IPOs included a $240 million listing of
Saudi Manpower Solutions Company, while Rasan Information Technology Company raised $224
million.
Kuwait had its first IPO listing since 2019 – Beyout Investment Group Holding Co raised $147 million
on the Kuwait Stock Exchange.

The UAE made a strong contribution, and its two IPOs contributed 34 percent of the region’s overall
proceeds. The academic and education services provider Alef Education Consultancy listed on the
Abu Dhabi Securities Exchange and raised $515 million, while the listing of family-
owned supermarket business Spinneys raised $375 million on the Dubai Financial Market.
The momentum is expected to continue, and 14 Saudi companies have announced their intention
to list by the end of the year.

Eight out of the 14 Mena IPOs listed in Q2 had a positive share price return as of June 30 in
comparison with their IPO price, data from EY’s Mena IPO Eye Q2 2024 report shows.

Brad Watson, EY Mena’s strategy and transactions leader, said: “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.”

https://www.agbi.com/banking-finance/2024/08/gulf-ipos-raise-45-more-in-q2-than-last-year/