Page 72 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:45 PM Total of 13 GCC IPOs in Q2 raise $2.6bln: PwC

High levels

That said, the overall momentum in the GCC stock markets broadly remained at the high levels

experienced in the corresponding quarter last year. Saudi Arabia led the IPO activity in the GCC, raising
$1.6 billion or 61% of the total IPO activity recorded in the region in Q2 2024.

Moreover, the aftermarket performance for Q2 2024 IPOs was generally positive with Q2 2024 IPOs
posting gains of 43% on average.

Muhammad Hassan, Capital Markets Leader at PwC Middle East, said: “We have witnessed some

volatility in the first half of 2024 in the performance of GCC stock exchange indices and oil prices. That
said, the number of new IPOs in the GCC continued to remain strong. Saudi Arabia continued to
dominate the IPO market, with H1 2024 experiencing 19 IPOs compared to 17 IPOs in H1 2023.”

The report shows that IPO activity was seen across a diverse range of sectors this quarter, including

Health Industries ($774 million), Consumer Markets ($530 million), Financial Services ($256 million),
Energy, Utilities and Resources ($148 million), Industrials, Manufacturing and Automobile ($407 million),
and Technology, Media and Telecommunication ($515 million). This quarter was also the first time
Boursa Kuwait saw its first IPO since 2020, with the Beyout Investment Group Holding Company raising
$147 million.

Sukuk issuances

In addition, there were a number of sizable sukuk issuances this quarter, raising more than $10 billion
compared to $2.6 billion raised in the same period last year, indicating a robust appetite for Sharia-
compliant financial products. More than a third of the sukuks were issued on Tadawul, while 67% of

bonds and sukuks were issued by the regional governments.

Looking forward, the outlook for the GCC IPO market continues to remain positive with strong issuance
expected for the remainder of 2024, subject to the wider geopolitical environment and oil prices

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