Q4 2024 marked the busiest quarter of 2024 with 26 IPOs
$13.7bn IPOs raised across the GCC in FY24 compared to FY23’s $10.5bn
Saudi Arabia lead the region’s IPO activity in terms of volumes with 15 Tadawul IPOs (2023: 7) and 27 Nomu listings (2023: 29)
Dubai, United Arab Emirates – 12 February 2025 – PwC Middle East’s latest IPO+ Watch highlights that the GCC IPO market in FY24 has experienced the highest level of IPO volume.
UAE IPOs have represented nearly half of total GCC IPO proceeds in 2024, as they have accounted for 47% ($6.2bn) of total proceeds this year, including two major IPOs in Q4: Food delivery business,Talabat, which raised $2.0bn with its DFM listing and GCC retailer, Lulu, raised $1.7bn with its ADX listing.
Furthermore, Tadawul listings have been highlighted as accounting for 30% ($4.0bn) of all GCC proceeds. 2024 saw $9.7bn of proceeds from bond issuance and $25.9bn from sukuks with 55% of bonds and Sukuks issued by GCC governments. 26 IPOs completed in the last quarter of 2024 including 20 in the Kingdom of Saudi Arabia.
IPO activity in Oman, Bahrain and Kuwait contributed to this record breaking year in terms of IPO volumes. In Muscat, two businesses carved out of OQ helped secure Oman’s position as the third most active country in the region in terms of proceeds, the IPOs raised a total of $2.5bn representing 19% of all GCC proceeds. Q4 of 2024 had witnessed three of the five largest GCC IPOs, where $8.5bn of IPO proceeds were raised in the quarter, representing 64% of the total for the year.
Commenting on the findings, Muhammad Hassan, Capital Markets Leader at PwC Middle East, said: “The GCC IPO market experienced a record-breaking year in 2024, with 53 listings raising a total of $13.2bn, a 25% increase from the previous year. The UAE led in terms of proceeds while Saudi Arabia dominated in terms of volumes with 15 Tadawul IPOs and 27 Nomu listings.”
He continued, “Looking ahead to 2025, the region is expected to maintain strong IPO momentum, with continued government initiatives, increased foreign investor interest, and new listings in high-growth sectors such as technology, healthcare, and renewable energy.”
GCC equity market performance was marked by DFM having witnessed the biggest gains during the year with a double-digit surge of 27% followed by healthy gains of 5% for Boursa Kuwait. Tadawul managed to close the year with a marginal gain of 1% following a volatile year in which oil prices peaked at 87 $/Bbl whilst reaching lows of 65 $/Bbl.
Notwithstanding the marginal gains for the year, of the 15 companies listing on Tadawul Main Market in 2024, 12 are currently trading ahead of the offer price. In the UAE 3 of the 7 listings are trading ahead of the IPO offer price.
The outlook for GCC IPOs remains positive, with strong momentum anticipated to continue. This is expected to be fueled by ongoing government initiatives, growing foreign investor participation, and the introduction of new listings in high-growth sectors.
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