Page 92 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 11:59 AM Saudi and UAE lead MENA IPOs as 14 sales raise $2.6bn - Arabian Business: Latest News on the Middle East, Real Estate, Fina…
This was followed by Alef Education Consultancy with its listing on the Abu Dhabi Securities
Exchange (ADX), which contributed 19.5 per cent of proceeds with the $515m raised.

Brad Watson, EY MENA Strategy and Transactions Leader, said: “Whilst the MENA equity

markets continue to face challenges, Q2 2024 was a stronger quarter with a total of 14 IPOs
raising $2.6bn.

“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. ($764m).

“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.”

Eight out of the 14 MENA IPOs listed in Q2 2024 had shown a positive return as of the June
30, 2024 share price in comparison with their IPO price, with Miahona Company achieving
the highest gain of 90.4 per cent within the period.

Stock exchanges across the MENA region exhibited varied performances. MSCI Emerging

Markets Index ended Q2 2024 with a gain of 4.2 per cent, making it the top-performing

market in the GCC, followed by the gain of 1 per cent from Qatar Exchange (QE) general
index.

As with Q1 2024, Saudi Arabia stood at the forefront of the region’s IPO activity in terms of

the number of listings (11 out of 14) in Q2 2024.

A total of $1.6bm, was raised, with the highest proceeds from Dr Soliman Abdul Kader
Fakeeh Hospital Co. at $764m, followed by Saudi Manpower Solutions Company (SMASCO)

at US$240m and Rasan Information Technology Company at $224m.

Five out of the 11 IPOs were listed on the Tadawul main market, including the top three
contributors, with the remaining six taking place on the Nomu market with total proceeds

of $85.4m.

Funds raised originate from a number of different sectors including:

Healthcare

Equipment services
Commercial and professional services

https://www.arabianbusiness.com/markets/equities/ipo/saudi-and-uae-lead-mena-ipos-as-14-sales-raise-2-6bn 2/5