Dubai Parkin's IPO was oversubscribed by 165 times, a DFM record.

Tadawul dominated GCC IPO activity, hosting nearly all Q1 IPOs.

Dubai, UAE: PwC Middle East’s latest IPO+ Watch reveals positive aftermarket performance continuing into 2024, as most Q1 2024 IPOs saw significant post-IPO gains. Notable market gains include MBC Group Co. and Middle East Pharmaceutical Industries Co. (Avalon Pharma). Furthermore, record-breaking demand for Dubai Parkin resulted in the IPO being oversubscribed by 165 times, representing the highest ever oversubscription level achieved on the DFM. 
IPO activity was seen across a number of sectors this quarter:

● Consumer Markets - Parkin Company P.J.S.C. and Modern Mills for Food Products Co.
● Health Industries - Middle East Pharmaceutical Industries Co.(Avalon Pharma).
● Technology, Media and Telecommunication - MBC GroupCo.
● Smaller scale offerings were seen in the Software & Services, Financial Services,  Industrials, Manufacturing and Automobile sectors.

According to PwC Middle East’s IPO Watch, Tadawul is reported to remain the most active exchange in the GCC with all but one IPOs taking place on either Tadawul main market or the Nomu parallel market. 3 IPOs raised a total of $667m on the main market whereas 6 IPOs raised a total of $57m on the parallel market.

Muhammad Hassan, Capital Markets Leader at PwC Middle East commented: “Parkin's IPO had one of the highest oversubscriptions ever achieved on the DFM.

In addition, double digit post IPO gains were seen from a number of IPOs this quarter, particularly on Tadawul. We expect the privatisation agenda across the GCC, combined with the ambition of private family businesses to go public, will continue to drive issuance supporting positive momentum in GCC IPO activity in 2024.”

Looking ahead, the report reveals that the IPO landscape in the Middle East is poised for continued strength in 2024, with a robust pipeline of IPOs, including private sector companies looking for liquidity and access to capital. With that, the majority of IPO activity in the region is expected to come from KSA and UAE, however, there is also growing momentum in Oman and Qatar. 
 
About PwC
 
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with nearly 364,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
 
Established in the Middle East for over 40 years, PwC Middle East has 30 offices across 12 countries in the region with around 11,000 people. (www.pwc.com/me).
 
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
 
© 2024 PwC. All rights reserved