Highlights
- Only one major IPO across GCC exchanges in Q3 2024
- Four notable listings completed post Q3 in October across a diverse range of sectors
- Positive outlook for the remainder of 2024
Only one major IPO across GCC exchanges in Q3 2024
- NMDC Energy P.J.S.C. raised $877m on the Abu Dhabi Securities Exchange in September.
- 3 other IPOs raised a total of $27m resulting in Q3 GCC IPO proceeds of $904m (Q3 2023: 6 IPOs raised $523m).
- All 3 IPOs took place on the Tadawul parallel market (Nomu) in the KSA.
- Lower volumes were in-line with historical trends with Q3 typically less active than other quarters.
Four notable listings completed post Q3 in October across a diverse range of sectors
- OQ Exploration and Production raised $2.0bn in Oman’s biggest ever listing in October.
- IPO activity was also seen in the KSA with the following Tadawul Main Market IPOs:
- Arabian Mills for Food Products Company ($271m raised)
- Fourth Milling Company ($229m raised)
- Al Majed for Oud Company ($188m raised)
Positive outlook for the remainder of 2024
- Full year 2024 IPO volumes on track to be broadly in-line with the previous two years, however, total proceeds may be lower.
- In the Q1 - Q3 2024 period there have been 27 IPOs across the GCC.
- This compares to 30 and 28 at the end of Q3 in 2022 and 2023 respectively.
- The IPO pipeline remains healthy with companies from a diverse range of sectors busy preparing for their upcoming IPOs.
- The aftermarket performance for 2024 IPOs continues to be positive with the majority of the top 10 IPOs (by deal size) trading ahead of the IPO price.
“As has been the case in recent years, Q3 has seen relatively few companies come to market. Since the end of the quarter we have seen a number of IPOs either completed or announced across the GCC, including OQ Exploration and Production, Oman’s largest ever IPO, supporting the positive outlook for the remainder of 2024.”
Muhammad HassanPwC Middle East Capital Markets LeaderQ3 2021 - 2024 GCC IPO activity by country
Interactive Map
To show all the IPOs that took place in the GCC in Q3 2024
2021 - 2024 YTD GCC IPO volumes
2021 - 2024 YTD GCC IPO proceeds
2024 equity market performance
Source: S&P Global
- S&P GCC Composite index ended the quarter marginally higher than the start of the year, in part driven by the lower oil price environment.
- GCC exchanges have underperformed when assessed against leading exchanges in Europe, the US and Asia.
- VIX index spiked in August 2024 due to concerns over an economic slowdown in the US and an increase in Japanese interest rates, stabilising in September to more normalised levels.
Bonds and Sukuks
Q3 2024 Highlights
GCC IPO activity available from 2015 - present, filtered by stock exchange
PwC's Global IPO Watch 2023 and Outlook for 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
