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GCC IPOs raised $1.7 billion in Q3 2024, with Abu Dhabi Securities Exchange (ADX) seeing the largest in a single offering – NMDC Energy raising $1.1 billion for a 23% stake.
The remaining offerings were all on Saudi Arabian stock markets, with the largest being Arabian Mills for Food Products, which raised $271million for its 30% stake.
None of the other stock markets in Dubai, Bahrain, Oman, Kuwait or Qatar saw any offerings during the quarter.
The value of the IPOs was up 6% year-on-year in Q3. However, the total amount raised during the first nine months of the year reached $5.2 billion from 30 offerings, down from $6.8 billion in 2023 through 29 offerings.
Looking ahead, the UAE’s Lulu Hypermarket, which is expected to take place next week, could raise $1.8 billion.
In the fourth quarter so far, Oman’s OQ Exploration and Production raised $2 billion last week, while Abu Dhabi National Hotels and Catering raised $235 million.
Three IPOs are expected on Saudi Arabia’s NOMU market in Q4, with two more for the main market in the pipeline for next year according to Markaz data. E-commerce and food delivery app Talabat is expected to list on Dubai Financial Market during the fourth quarter.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
