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GCC IPO activity sees uptick in Q2 2024

GCC IPO activity sees uptick in Q2 2024
13 Aug 2024 20:14

MAYS IBRAHIM (ABU DHABI)

In the second quarter of 2024, initial public offerings (IPOs) across the Gulf Cooperation Council
(GCC) region experienced a notable increase compared to the same period last year, as
revealed by PwC Middle East's latest IPO+ Watch report.

A total of 13 IPOs raised $2.6 billion in Q2 2024, up from $1.8 billion raised by 13 IPOs in Q2
2023.

Leading the quarter was Dr. Soliman Abdel Kader Fakeeh Hospital Company, which raised $764
million on the Tadawul Main Market, while the Saudi Manpower Solutions Company raised $240
million.

In the UAE, Alef Education Holding plc secured $515 million on the Abu Dhabi Securities
Exchange (ADX) and Spinneys 1961 Holding Plc raised $375 million.

Meanwhile, Boursa Kuwait saw its first IPO since 2020 with Beyout Investment Group Holding
Company raising $147 million.

Despite a downward trend in GCC equity markets and lower oil prices earlier in the year, the

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