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MENA Region Witnesses 14 IPOs Worth $2.64 Billion

in Q2 2024

Written by Eric Joseph Gomes Posted on 2024-08-142024-08-14

MENA Region Witnesses 14 IPOs: The EY MENA IPO Eye Q2 2024 report stated that IPO activity
stayed strong in the MENA region. In the second quarter, 14 IPOs raised to US$2.64b.

The number of IPO increased from 13 listings in Q2 2023 to 20, with an increase in proceeds by
45.3% compared to the previous quarter.

In the second quarter, Dr. Soliman Abdul Kader Fakeeh Hospital Co. was listed on the Tadawul main
market. It earned US$764m which is the highest proceeds in that quarter, which was 29% of the
total IPO profits.

Alef Education Consultancy LLC went public on Abu Dhabi Securities Exchange (ADX) and
contributed 19.5% of the total proceeds and made US$515m.

EY MENA Strategist and Transactions Leader, Brad Watson said, “Whilst the MENA equity markets
continue to face challenges, Q2 2024 was a stronger quarter with a total of 14 IPOs raising US$2.6b.
Eleven of the companies listed were in the KSA region (five of which were on the Tadawul main
market). The most significant fundraise was by Dr. Soliman Abdul Kader Fakeeh Hospital Co.
(US$764m).”

He further stated, “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.”

Among the 14 IPOs 8 have shown positive return in Q2 2024 compared to their IPO price as of June
30, 2024.

https://eyesonnews.com/honasa-consumer-mamaearth-stock-surges-45-since-ipo-whats-next/