Highlights
- Q2 2024 GCC IPO volumes and proceeds higher than Q2 2023
- KSA continues to dominate GCC IPO activity
- GCC indices now recovering from June 2024 lows
Q2 2024 GCC IPO volumes and proceeds higher than Q2 2023
- 13 IPOs raised a total of $2.6bn in Q2 2024 (Q2 2023: 13 IPOs raised $1.8bn).
- The largest IPO of the quarter was Dr. Soliman Abdel Kader Fakeeh Hospital Company raising $763m on Tadawul Main Market.
- Outside of the KSA, the largest IPO was Alef Education Holding plc on ADX raising $515m.
- Boursa Kuwait saw its first IPO since 2020 - Beyout Investment Group Holding Company raising $147m.
IPOs
Q2 2024 Highlights
"We have witnessed some volatility in the first half of 2024 in the performance of GCC stock exchange indices and oil prices. That said, the number of new IPOs in the GCC continued to remain strong. Saudi Arabia continued to dominate the IPO market, with H1 2024 experiencing 19 IPOs compared to 17 IPOs in H1 2023."
Muhammad HassanPwC Middle East Capital Markets LeaderTop 5 GCC IPOs in Q2 2024
Dr. Soliman Abdel Kader Fakeeh Hospital Company
- Exchange
- Tadawul
- Pricing date
- 5 June 2024
- Money raised
- $764m
Alef Education Holding Plc
- Exchange
- ADX
- Pricing date
- 12 June 2024
- Money raised
- $515m
Spinneys 1961 Holding Plc
- Exchange
- DFM
- Pricing date
- 9 May 2024
- Money raised
- $375m
Rasan Information Technology Company
- Exchange
- Tadawul
- Pricing date
- 13 June 2024
- Money raised
- $224m
Saudi Manpower Solutions Company
- Exchange
- Tadawul
- Pricing date
- 12 June 2024
- Money raised
- $240m
Q2 2020 - 2024 GCC IPO activity
- KSA, UAE and Kuwait were the only active markets in Q2 2024.
- Kuwait saw its first IPO listing since Q3 2020.
- ADX and DFM each saw 1 listing during the quarter.
- KSA saw the most activity during the quarter with 10 IPOs.
IPOs that took place in the GCC in Q2 2024
Kingdom of Saudi Arabia (KSA)
Number of IPOs in Q2 2024: 10United Arab Emirates (UAE)
Number of IPOs in Q2 2024: 2Kuwait
Number of IPOs in Q2 2024: 1IPO Proceeds by Sector ($m)
Q2 2024 GCC equity market performance
Source: S&P Global
- GCC indices broadly followed the trend in oil prices, whereby we experienced lows at the end of June 2024.
- S&P GCC Composite index which was 4.2% lower at the end of June 2024 compared to the level at the start of the year.
Bonds and Sukuks
Q2 2024 Highlights
PwC's Global IPO Watch 2023 and Outlook for 2024
Subscribe to PwC's GCC IPO+ Watch
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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