Initial public offerings (IPOs) in the UAE raised $890 million in the second quarter of 2024, according to PwC Middle East’s latest IPO+ Watch report.
The most significant IPOs in the UAE during this period were Alef Education, which raised $515 million on the Abu Dhabi Securities Exchange (ADX), and Spinneys, which secured $375 million on the Dubai Financial Market (DFM).
Across the GCC region, Saudi Arabia led IPO activity, raising $1.6 billion, accounting for 61% of the region's total IPO activity. Key IPOs in Saudi Arabia included Dr Soliman Abdel Kader Fakeeh Hospital Company, which raised $763 million on the Tadawul stock exchange. The quarter also marked the first IPO on Boursa Kuwait in two years, with Beyout Investment Group Holding Company raising $147 million.
The report highlighted a diverse range of sectors participating in IPO activity during Q2 2024, including health industries, consumer markets, financial services, energy, utilities, resources, industrials, manufacturing, and technology.
Additionally, the quarter saw a significant increase in Sukuk issuances, raising over $10 billion, compared to $2.6 billion during the same period last year, reflecting strong demand for Sharia-compliant financial products.
News Source: Emirates News Agency
