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Saudi Arabia leads GCC IPO market with $4.1 billion raised in 2024
GCC IPO proceeds rose 23% in 2024 to $13.2 billion from 53 offerings, up from $10.7 billion across 46 listings in 2023.
Saudi Arabia played a key role in the GCC’s booming initial public offering (IPO) market in 2024, raising $4.1 billion through 42 listings, the highest number in the region, according to a report by The Kuwait Financial Centre (Markaz). The GCC saw a 23% increase in IPO proceeds compared to 2023, totaling $13.2 billion across 53 offerings, up from $10.7 billion raised through 46 listings the year before.
Saudi Arabia accounted for 31% of the region’s total IPO proceeds, making it the second-largest contributor after the UAE. On the Saudi Exchange (Tadawul), 14 IPOs on the main market raised $3.8 billion, while the parallel market (Nomu) saw 28 IPOs, generating $297 million.
“Saudi Arabia’s IPOs, on both the main and parallel markets, recorded the highest performances post-listing compared to other GCC markets,” the report stated. Major Saudi IPOs included Dr. Soliman Fakeeh Hospital, Almoosa Health Group, and Nice One, all drawing significant investor interest.
The energy sector dominated, raising $3.7 billion (28% of the GCC’s total proceeds), followed by the consumer staples sector at $3.1 billion (24%), and the consumer discretionary sector at $2.7 billion (20%).
Healthcare raised $1.4 billion (10%), while industrials contributed $877 million across 11 offerings. The financial services, technology, utilities, and materials sectors collectively accounted for 11% of the total proceeds.
The UAE maintained its leadership in the GCC IPO market for the third consecutive year, raising $6.4 billion—49% of the region’s total proceeds. The Abu Dhabi Securities Exchange led with $3.6 billion raised from four IPOs, including NMDC Energy and Lulu Retail Holdings. Oman achieved its highest-ever IPO proceeds at $2.5 billion, driven by the OQ Exploration and Production IPO, which raised $2.0 billion, marking the nation’s largest IPO. These offerings were part of the Oman Investment Authority’s divestment strategy.
Kuwait returned to the IPO market after two years with the Beyout Investment Group Holding IPO, raising $147 million on Boursa Kuwait. Bahrain also re-entered the market with the Al Abraaj Restaurants Group IPO, which raised $24 million, marking the country’s first IPO since 2018.
The report noted that 59% of GCC IPOs experienced share price surges within 30 days of listing, with Saudi Arabia recording the strongest post-listing performance. The technology, healthcare, and consumer sectors were key to these gains.
Regional stock markets also performed well in 2024. The Dubai Financial Market led with a 26.9% gain, followed by Boursa Kuwait at 12.4%. Muscat Securities Market and Bahrain Bourse recorded modest increases of 1.3% and 1.2%, respectively.
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