Q1 2024 IPO+ Watch


Q1 2024 IPO proceeds notably lower than Q1 2023

  • Whilst volumes were higher, proceeds were notably lower as there were no large scale IPOs in the first quarter (in Q1 2023 ADNOC Gas raised $2.5bn).
  • 4 IPOs raised >$100m in the first quarter ($1.1bn combined), the average proceeds for all other IPOs was $10m.
  • Total Q1 2024 IPO proceeds were $1.2bn (Q1 2023: $3.3bn).

Positive aftermarket performance continues into 2024

  • The majority of Q1 2024 IPOs saw post IPO-gains. Notable gains were seen from the MBC Group Co. and Middle East Pharmaceutical Industries Co. (Avalon Pharma) IPOs.
  • There was record breaking demand for Dubai Parkin resulting in the IPO being oversubscribed by 165 times, representing the highest ever oversubscription level achieved on the DFM.

IPO activity seen across a number of sectors this quarter

  • The large scale IPOs in the first quarter were across a number of different sectors:
    • Consumer Markets - Parkin Company P.J.S.C. ($429m)
    • Consumer Markets - Modern Mills for Food Products Co. ($314m)
    • Health Industries - Middle East Pharmaceutical Industries Co.(Avalon Pharma). ($131m)
    • Technology, Media and Telecommunication - MBC GroupCo. ($222m)
  • There was also activity in the Software & Services, Financial Services, Industrials, Manufacturing and Automobile sectors in Q1.

Tadawul continues to be the most active exchange in the GCC

  • Tadawul continues to be 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.

Positive outlook for the remainder of 2024

  • 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.
  • 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.


Q1 2024 Highlights

"Parkin's IPO had one of the highest oversubscriptions ever achieved on the DFM and double digit post IPO gains were seen from a number of IPOs this quarter, particularly on Tadawul. We expect the privatization 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."

Muhammad HassanPwC Middle East Capital Markets Leader

Top 5 GCC IPOs in Q1 2024

Parkin Company P.J.S.C.
Pricing date
21 March 2024
Money raised
Modern Mills for Food Products Co.
Pricing date
27 March 2024
Money raised
MBC Group Co.
Pricing date
8 Jan 2024
Money raised
Middle East Pharmaceutical Industries Co. (Avalon Pharma)
Pricing date
27 February 2024
Money raised
Al-Modawat Specialized Medical Co.
Tadawul - Nomu
Pricing date
25 February 2024
Money raised

Q1 IPO activity by country (2019 - 2023)

  • KSA and UAE were the only active markets in Q1 2024.
  • Parkin P.J.S.C. was the only UAE IPO in the first quarter, listing on the DFM.

IPOs that took place in the GCC in Q1 2024

Q1 2024 IPO proceeds by sector ($m)

Q1 2024 GCC equity market performance

Source: Eikon (Thomson Reuter), PwC Analysis

  • Notwithstanding ongoing geopolitical tensions, GCC equity markets performed well in Q1, supported by improving macroeconomic conditions including slower consumer inflation, positive non-oil growth indicators and continued public sector investment.
  • Q1 2024 ended with the majority of GCC indices posting marginal gains from the start of the year.
  • The QSE General index and ADX General index saw declines of 9% and 4% respectively.

Bonds and Sukuks

Q1 2024 Highlights

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

Stock Exchange


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Deal value ($m)
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IPO values by sector

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.


Muhammad Hassan

Capital Markets Leader, PwC Middle East

Danny Barclay

Director, Capital Markets, PwC Middle East

Contact us

Muhammad Hassan

Muhammad Hassan

Capital Markets Leader, PwC Middle East

Tel: +971 4 3043443

Danny Barclay

Danny Barclay

Capital Market Director, PwC Middle East

Tel: +971 50 129 1462

Blaise Jenner

Blaise Jenner

IPO structuring Leader, PwC Middle East

Tel: +971 4 304 3067

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