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MENA markets witness 48 IPOs set to raise $10.7 billion in 2023

The Middle East and North Africa (MENA) markets saw 48 initial public offerings (IPOs) in 2023, with total proceeds reaching US$10.7 billion..

Five listings, mainly in the energy and logistics sectors, contributed 58 percent of the total IPO proceeds raised.

According to Ernst & Young’s EY MENA IPO Eye Q4 2023 report, 19 IPOs raised $4.9 billion in proceeds during the fourth quarter of 2023.

ADES Public Limited Company raised the most funds and contributed 25 percent of the total IPO proceeds in the last quarter, followed by Pure Health Holding PJSC with 20 percent. All fourth quarter listing activity took place in the GCC region, with Egypt being the only non-GCC country to report IPOs throughout 2023.

The 2024 pipeline includes 29 companies from various sectors announcing their intention to go public, with the Kingdom of Saudi Arabia and the United Arab Emirates leading the way in terms of expected volumes. Outside the GCC, Egypt has four IPOs planned, the report added.

Brad Watson, Transactions and Strategy Leader at EY MENA, saying,

“Investor confidence in the region continues, with 11 of the 19 Q4 2023 IPOs recording a gain in share price on the first day. The 2024 portfolio includes 29 companies from various sectors, and they announced their intention to go public with Saudi Arabia and the United Arab Emirates leading the way in terms of expected volumes.”

Gregory Hughes, Transaction Diligence and IPO Leader at EY MENA, commented,

“The MENA IPO market generated a good number of IPOs in various sectors in 2023. Several large, reputable state-owned companies went public in 2023, including Dubai Taxi Co and OQ Gas Networks.”

The report indicates that the Abu Dhabi Stock Exchange (ADX) welcomed three IPOs in the fourth quarter of 2023, raising a combined total of $1.8 billion. These included Pure Health Holding PJSC, valued at $987 million, Investcorp Capital plc at $451 million and Phoenix Group PLC at $371 million. Pure Health Holding PJSC reported the largest gain on the first day – 76 percent. Additionally, there was a new listing in the transportation sector on the Dubai Financial Market (DFM): Dubai Taxi Company PJSC, worth $315 million.

Saudi Arabia led the way in terms of IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES Holding Company posted the biggest gains at $1.2 billion, followed by SAL Saudi Logistics Services Company at $700 million. of dollars. Both IPOs were listed on the main Tadawul market. The remaining 12 IPOs, which raised $140 million in total, were held on Nomu – Parallel Market, which also witnessed the only direct listing of the quarter in the MENA region – Almujtama Alraida Medical Co.

The Muscat Stock Exchange (MSX) conducted the largest initial public offering in Oman to date, with OQ Gas Networks SAOC raising $772 million. Meanwhile, the Oman Investment Authority (OIA), the country’s sovereign wealth fund, is preparing to launch multiple IPOs and list state assets to strengthen its capital markets.

News source: Emirates News Agency

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