Page 73 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/15/24, 2:45 PM PRESSR: PwC Middle East report highlights two UAE listings in Top 5 GCC IPOs for Q2 2024 — TradingView News
PRESSR: PwC Middle East

report highlights two UAE

listings in Top 5 GCC IPOs for

Q2 2024

Aug 14, 202414:37 GMT+4

IPOs in Saudi Arabia accounted for over 61% of total GCC IPO proceeds in this

quarter ($1.6bn)

The largest IPO of the quarter was Dr. Soliman Abdel Kader Fakeeh Hospital
Company raising $763m on Tadawul Main Market

Dubai, United Arab Emirates – PwC Middle East’s latest IPO+ Watch highlights a
total of 13 IPOs raised $2.6 bn in the region in Q2 2024, compared to the same

number of IPOs in the corresponding period in 2023 that raised $1.8bn. Notable

listings this quarter include Dr. Soliman Abdel Kader Fakeeh Hospital Company,

which raised $763m on Tadawul, as well as Alef Education and Spinneys, two of

the largest listings in the UAE.

GCC indices broadly followed the trend in oil prices, whereby we experienced

lows at the end of June 2024. This is reflected in the S&P GCC Composite index
which was 4.2% lower at the end of June 2024 compared to the level at the

start of the year. 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.

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