Mena IPOs see positive gains

The Middle East’s IPO market is set for continued growth in 2024, according to a recently released report into post-IPO activity.

PwC Middle East’s latest IPO+ Watch showed that the majority of companies that in 2024 have seen positive post-IPO gains in the first quarter.

There were significant gains for Saudi-based MBC Group which saw its share price rise by 134% in January after its IPO making it the world’s best -performing listing at the time.

GCC sees decline in IPOs

Meanwhile Dubai Parkin, the parking facilities operator, had the most oversubscribed IPO ever on the Dubai Financial Market.

Saudi Arabia was the most active IPO market in Q1 with all but one IPO taking place on either the Tadawul exchange or its parallel market Nomu. Collectively those IPOs raised US$714 million.

“We expect the privatisation agenda across the GCC, combined with the ambition of private family businesses to go public, will continue to drive issuance supporting positive momentum in GCC IPO activity in 2024,” said Muhammad Hassan, capital markets leader at PwC Middle East.

Saudi VC firm launches pre-IPO investment fund

The report also cites a robust pipeline of IPOs, including private sector companies looking for liquidity and access to capital, as reasons to expect a continued strengthening of the region’s IPO market in 2024.

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