2024 in review
- 2024 saw the highest GCC IPO volumes on record with 53 listings across the region
- UAE IPOs represented nearly half of total GCC IPO proceeds in 2024
- Q4 2024 marked the busiest quarter of year with 26 IPOs
- Positive after market performance for Tadawul IPOs
- Tadawul's parallel Nomu market continues to attract companies with 27 IPOs across a diverse range of sectors
2024 saw the highest GCC IPO volumes on record with 53 listings across the region
- The Kingdom of Saudi Arabia led the region in terms of volumes with 15 Tadawul IPOs (2023: 7) and 27 Nomu listings (2023: 29).
- There were 7 IPOs across the UAE, including three of the five largest GCC IPOs.
- IPO activity in Oman, Bahrain and Kuwait contributed to this record breaking year in terms of IPO volumes.
“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 in volumes with 15 Tadawul IPOs and 27 Nomu listings. The GCC IPO market remained resilient in 2024, driven by privatisation efforts and economic diversification. 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.”
Muhammad HassanPwC Middle East Capital Markets LeaderTop 5 GCC IPOs in 2024
Talabat Holding PLC
- Exchange
- DFM
- Listing date
- 10 December 2024
- Money raised
- $2.0bn
OQ Exploration and Production
- Exchange
- MSX
- Listing date
- 28 October 2024
- Money raised
- $2.0bn
Lulu Retail Holdings PLC
- Exchange
- ADX
- Listing date
- 14 November 2024
- Money raised
- $1.7bn
NMDC Energy P.J.S.C.
- Exchange
- ADX
- Listing date
- 11 September 2024
- Money raised
- $0.9bn
Dr. Soliman Abdel Kader Fakeeh Hospital Company
- Exchange
- Tadawul
- Listing date
- 5 June 2024
- Money raised
- $0.8bn
IPO proceeds by country 2020 - 2024
IPO volume by exchange 2020 - 2024
Interactive Map
To show all the IPOs that took place in the GCC in 2024
Bahrain
Number of IPOs in 2024: 1Kingdom of Saudi Arabia (KSA)
Number of IPOs in 2024: 42Kuwait
Number of IPOs in 2024: 1Oman
Number of IPOs in 2024: 2United Arab Emirates (UAE)
Number of IPOs in 2024: 72024 IPOs by sector ($m)
IPO activity by quarter 2020 - 2024
2024 global equity market performance
Source: S&P Global
- Global equity markets maintained an upwards trajectory throughout much of 2024, building on gains in 2023 as the macroeconomic picture continues to stabilise.
- The S&P 500 soared up 19% in 2024, driven by strong performances of US tech companies.
- The growth in European indices was positive, but lower than the US, with the Euro Stoxx 600 up 6 % for the year. Following an abnormal volatility spike in August, European indices have tapered off in the second half of the year as markets look to assess the impact of the US election and the potential for tariffs.
- Asian markets lagged behind Western markets for the first 3 months of the year until the Chinese central bank announced a raft of stimulus measures, resulting in 17% gains in 2024.
- GCC equity market performance was relatively weak compared with the US, Asia and Europe driven by mixed performance across exchanges within the region.
2024 GCC equity market performance
- The Dubai Financial Market (DFM) witnessed the biggest gains during the year with a double-digit surge of 27% followed by healthy gains of 5% for the Boursa Kuwait. In terms of sector performance, eight out of the nine DFM sectors witnessed growth during 2024, most notably Real Estate.
- 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.
- The Muscat Stock Exchange (MSX) and Bahrain Bourse also saw marginal 1% gains in 2024 whereas the Abu Dhabi Stock Exchange (ADX) and the Qatar Stock Exchange finished the year 2% lower.
Bonds and Sukuks
2024 Highlights
PwC's Global IPO Watch 2024
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How PwC can help you
An IPO is a significant step and a transformational change. It’s best to do it in partnership with experts who’ve been through the process many times before, and who can provide the right people and skills you’ll need for the journey. At PwC, we have a dedicated IPO team to help you:
weigh up the pros and cons of an IPO
assess how ready you are for a listing
navigate every phase of the complex IPO process
prepare your business for life as a public company
Our team works on IPO readiness assessments, pre-IPO implementation services, IPO execution, project management, structuring advice and post-IPO support.
If required we are able to bring in experts from the wider PwC network to support areas such as; strategy, tax advice, management incentives, corporate governance and compliance.
Readiness - Getting ready for an IPO
Our IPO Readiness Assessment is a diagnostic review of the critical areas needed for a successful IPO so that management has a clear roadmap to deliver a successful IPO and operate as a listed business.
We’ll highlight where current processes, procedures, structures and practices fall short of regulatory requirements and best practices. We’ll also create a timeline to remediate any gaps, and form some of the habits of a successful listed company.
Execution - Making the IPO process run smoothly
Executing an IPO involves carefully orchestrating different teams that all need to work together to deliver the IPO, while making sure business as usual runs smoothly.
We’ll help you with this by providing end to end support to effectively and efficiently complete the filing process with the regulatory authority in addition to any pre-IPO implementation activities.
We can also act as your IPO diligence advisors performing the required due diligence, assisting with MD&A drafting in relation to a prospectus and giving you practical advice throughout the IPO process.
Authors
Muhammad Hassan
Capital Markets Leader, PwC Middle East
Danny Barclay
Director, Capital Markets, PwC Middle East
Contact us
Haitham Aljabry
Finance & Accounting Consulting, Partner, PwC Middle East
Tel: +966 54 732 2225
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