MENA IPOs Hit $12.6 Billion in 2024, Marking a Record Year
The MENA region experienced a remarkable surge in IPO activity in 2024, with 54 IPOs raising $12.6 billion, according to the EY MENA IPO Eye Q4 2024 report. This reflects a 12.5% increase in the number of IPOs and a 17.6% rise in proceeds compared to 2023, positioning the region as a global leader in capital markets. Q4: A Record-Breaking Quarter
The fourth quarter of 2024 was a standout, with 25 IPOs generating $7.9 billion, representing a 32% increase in listings and a 59.4% surge in proceeds compared to Q4 2023.
Key IPOs in Q4 included: Talabat Holding plc (Dubai Financial Market) raised the highest proceeds, contributing 25.8% of Q4 funds .
(Dubai Financial Market) raised the highest proceeds, contributing . OQ Exploration & Production (Oman) raised $2 billion, marking the largest IPO in Oman's history.
(Oman) raised $2 billion, marking the largest IPO in Oman's history. Other notable listings included Lulu Retail Holdings and Morocco's CMGP. Saudi Arabia: Dominating the Region
Saudi Arabia led the region with 17 IPOs in Q4, raising $1.2 billion, driven by: Arabian Mills for Food Products Company and United International Holding Company, each raising $300 million.
The kingdom's IPOs spanned diverse sectors, including commercial services, materials, food and beverages, and healthcare. UAE: Strong IPO Performance and ESG Focus
The UAE continued its momentum with four new IPOs in Q4, including: Lulu Retail Holdings PLC (ADX), raising $1.7 billion.
(ADX), raising $1.7 billion. Talabat Holding plc, contributing $2 billion on the DFM.
The UAE also introduced a law requiring businesses to report carbon emissions starting May 2025, encouraging sustainability and aligning IPO market dynamics with net-zero 2050 goals. 2025 Outlook: Sustained Growth Expected
The MENA IPO market shows no signs of slowing. EY forecasts 38 companies and 22 funds will list in 2025, with Saudi Arabia leading the pipeline with 27 IPOs, followed by the UAE and Qatar. High-profile IPOs in 2025 may include Etihad Airways, Amanat Holdings, Panda Retail Company, and Riyad Capital. Building a Stronger Market
MENA exchanges are focusing on: Promoting family-owned businesses and SMEs .
and . Strengthening capital markets infrastructure .
. Launching initiatives like the DFM's Arena platform to boost liquidity and attract investors.
Brad Watson, EY MENA strategy and transactions leader, noted: '2024 marked the highest number of IPOs in MENA in seven years. With robust governance and sustainability initiatives, the region will continue to attract global investors and remain a key player in the IPO landscape.'
The MENA IPO market's growth reflects the region's ability to innovate, adapt, and lead, setting the stage for another record-breaking year in 2025.
News Source: Gulf Business
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