In Q2 2024, the GCC witnessed a significant uptick in IPO activity, with 14 listings raising a combined $2.64 billion. This surge in capital was primarily focused on the healthcare, education, and technology sectors.

Although the number of IPOs increased only marginally from 13 in Q2 2023, the total proceeds for the quarter rose substantially by 45% year over year.

Saudi Arabia was at the forefront of this growth, securing $1.6 billion. The largest deal was the $764 million listing of Dr. Soliman Abdul Kader Fakeeh Hospital Co on the Tadawul stock exchange, accounting for 29% of the region’s total IPO proceeds. Other significant IPOs in Saudi Arabia included Saudi Manpower Solutions Company, which raised $240 million, and Rasan Information Technology Company, which secured $224 million.

Kuwait also marked a milestone with its first IPO since 2019, as Beyout Investment Group Holding Co raised $147 million on the Kuwait Stock Exchange.

In the UAE, two IPOs collectively contributed 34% of the region’s overall proceeds. Alef Education Consultancy raised $515 million on the Abu Dhabi Securities Exchange, while Spinneys garnered $375 million on the Dubai Financial Market.

EY MENA’s Strategy and Transactions Leader Brad Watson said, “Increased liquidity driven by higher oil prices, economic recovery, and positive market sentiment has kept the IPO activity in the region buoyant, with a strong pipeline for H2 2024.”

Additionally, 14 Saudi companies have announced plans to go public by the end of 2024.