Page 97 - ALEF EDUCATION PR REPORT - AUGUST 2024

8/14/24, 11:59 AM MENA region sees 14 IPOs valued at $2.64bn in Q2 2024
The Middle East and North Africa (MENA) region witnessed 14 initial public offerings

(IPOs) raising $2.64 billion in the second quarter of 2024, according to the EY MENA IPO
Eye Q2 2024 report. The number of IPOs increased from 13 in the same quarter last year,

with proceeds rising 45.3 per cent.

Saudi Arabia led the region’s IPO activity with 11 listings, including five on the Tadawul

main market. Dr Soliman Abdul Kader Fakeeh Hospital raised the highest proceeds of

$764m, accounting for 29 per cent of the total.

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In the UAE, Alef Education Consultancy and Spinneys 1961 Holding were the only
companies to go public, raising $515m and $375m, respectively. Kuwait saw its first IPO

since 2019, with Beyout Investment Group (BIG) Holding raising $147 million on the

Kuwait Stock Exchange.

Saudi Arabia to see 14 companies go public by the end of the year

Brad Watson, EY MENA strategy and transactions leader noted, “The MENA IPO market

remained resilient in Q2 2024 despite global challenges, buoyed by increased liquidity and

positive market sentiment driven by higher oil prices.”

Eight out of the 14 MENA IPOs in Q2 2024 delivered positive returns by the end of June,
with Miahona Company achieving the highest gain of 90.4 per cent.

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