Q2 2024 IPO+ Watch

Highlights

Q2 2024 GCC IPO volumes and proceeds higher than Q2 2023
KSA continues to dominate GCC IPO activity
GCC indices now recovering from June 2024 lows

Q2 2024 GCC IPO volumes and proceeds higher than Q2 2023

13 IPOs raised a total of $2.6bn in Q2 2024 (Q2 2023: 13 IPOs raised $1.8bn).
The largest IPO of the quarter was Dr. Soliman Abdel Kader Fakeeh Hospital Company raising $763m on Tadawul Main Market.
Outside of the KSA, the largest IPO was Alef Education Holding plc on ADX raising $515m.
Boursa Kuwait saw its first IPO since 2020 - Beyout Investment Group Holding Company raising $147m.

KSA continues to dominate GCC IPO activity

10 IPOs took place on the Tadawul Main Market and Nomu Parallel market this quarter, 5 on each exchange.
KSA IPOs accounted for over 61% of total GCC IPO proceeds in Q2 2024 ($1.6bn).
Tadawul Main Market H1 2024 IPO volumes double H1 2023 and on par with H1 2022.
Nomu Parallel market activity continues with 5 IPOs raising an average of $16m.

GCC indices now recovering from June 2024 lows

GCC equity markets had been trending downwards since the start of the year reflective of lower oil prices.
Since the end of Q2 2024, GCC equity markets have started to recover lost ground as oil prices have shown signs of recovery.
The aftermarket performance for Q2 2024 IPOs was generally positive with Q2 2024 IPOs posting gains of 43% on average.

IPOs

Q2 2024 Highlights

$2.6bn

raised from IPOs in Q2 2024 across the GCC (Q2 2023: $1.8bn)
13 IPOs

across the GCC (Q2 2023: 13)
$1.6bn

raised in IPOs proceeds in Q2 2024 in KSA (Tadawul and Nomu)
77%

of IPOs during the quarter took place in KSA

"We have witnessed some volatility in the first half of 2024 in the performance of GCC stock exchange indices and oil prices. That said, the number of new IPOs in the GCC continued to remain strong. Saudi Arabia continued to dominate the IPO market, with H1 2024 experiencing 19 IPOs compared to 17 IPOs in H1 2023."

Muhammad HassanPwC Middle East Capital Markets Leader

Top 5 GCC IPOs in Q2 2024

Dr. Soliman Abdel Kader Fakeeh Hospital Company

Exchange: Tadawul
Pricing date: 5 June 2024
Money raised: $764m

Alef Education Holding Plc

Exchange: ADX
Pricing date: 12 June 2024
Money raised: $515m

Spinneys 1961 Holding Plc

Exchange: DFM
Pricing date: 9 May 2024
Money raised: $375m

Rasan Information Technology Company

Exchange: Tadawul
Pricing date: 13 June 2024
Money raised: $224m

Saudi Manpower Solutions Company

Exchange: Tadawul
Pricing date: 12 June 2024
Money raised: $240m

Q2 2020 - 2024 GCC IPO activity

KSA, UAE and Kuwait were the only active markets in Q2 2024.
Kuwait saw its first IPO listing since Q3 2020.
ADX and DFM each saw 1 listing during the quarter.
KSA saw the most activity during the quarter with 10 IPOs.

IPOs that took place in the GCC in Q2 2024

IPO Proceeds by Sector ($m)

Q2 2024 GCC equity market performance

Source: S&P Global

GCC indices broadly followed the trend in oil prices, whereby we experienced lows at the end of June 2024.
S&P GCC Composite index which was 4.2% lower at the end of June 2024 compared to the level at the start of the year.

Bonds and Sukuks

Q2 2024 Highlights

$178m

raised through Bonds in Q2 2024 (Q2 2023: $1.8bn)
$10.0bn

raised through Sukuks in Q2 2024 (Q2 2023: $2.6bn)
64%

of GCC Sukuks issued on Tadawul this quarter
67%

of Bonds and Sukuks issued by GCC governments this quarter

GCC IPO activity available from 2015 - present, filtered by stock exchange

Deal value ($m)

Number of IPOs

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IPO values by sector

IPO Watch EMEA H1 2024

PwC's Global IPO Watch 2023 and Outlook for 2024

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How PwC can help you

An IPO is a significant step and a transformational change. It’s best to do it in partnership with experts who’ve been through the process many times before, and who can provide the right people and skills you’ll need for the journey. At PwC, we have a dedicated IPO team to help you:

weigh up the pros and cons of an IPO
assess how ready you are for a listing
navigate every phase of the complex IPO process
prepare your business for life as a public company

Our team works on IPO readiness assessments, pre-IPO implementation services, IPO execution, project management, structuring advice and post-IPO support.

If required we are able to bring in experts from the wider PwC network to support areas such as; strategy, tax advice, management incentives, corporate governance and compliance.

Readiness - Getting ready for an IPO

Our IPO Readiness Assessment is a diagnostic review of the critical areas needed for a successful IPO so that management has a clear roadmap to deliver a successful IPO and operate as a listed business.

We’ll highlight where current processes, procedures, structures and practices fall short of regulatory requirements and best practices. We’ll also create a timeline to remediate any gaps, and form some of the habits of a successful listed company.

Execution - Making the IPO process run smoothly

Executing an IPO involves carefully orchestrating different teams that all need to work together to deliver the IPO, while making sure business as usual runs smoothly.

We’ll help you with this by providing end to end support to effectively and efficiently complete the filing process with the regulatory authority in addition to any pre-IPO implementation activities.

We can also act as your IPO diligence advisors performing the required due diligence, assisting with MD&A drafting in relation to a prospectus and giving you practical advice throughout the IPO process.