Q1 2025
GCC IPO+ Watch
- Challenging macroeconomic backdrop
- Mixed start to the year for GCC IPOs
- Diverse mix of companies coming to market in Q1
- Uncertainty around the timing of potential issuances
Challenging macroeconomic backdrop
- The recently announced U.S. tariffs, combined with growing fears of a global recession, have weighed heavily on global equity markets, driving volatility to levels not seen since the early stages of the pandemic.
- Market sentiment continues to be shaped by concerns over tariffs and the potential challenges they may pose to companies worldwide.
- The Gulf Cooperation Council's (GCC) strategy for economic diversification and reduced reliance on oil revenues will become increasingly critical as oil prices remain under pressure amid these challenging macroeconomic conditions.
- GCC equity markets suffered in early April with the S&P GCC Composite Index declining 7% in the first few weeks of the month, however, much of the lost ground has since been recovered, with the index currently just 1% below the beginning of the year.
“Recent global macroeconomic developments resulting from trade tariffs have had a pronounced impact on both global and GCC equity markets as well as oil prices. Although increased volatility and market uncertainty affects IPO activity in the short term, we remain positive on the long-term outlook of regional capital markets. Therefore, it’s imperative that prospective issuers remain prepared to take advantage of potential IPO opportunities.”
Muhammad HassanPwC Middle East Capital Markets LeaderGlobal equity market performance
Source: S&P Global
IPO volume by country
IPO proceeds by country
IPO volume by quarter
IPO proceeds by quarter
Q1 2025 IPO proceeds by sector (USD m)
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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.
Authors
Muhammad Hassan
Capital Markets Leader, PwC Middle East
Danny Barclay
Director, Capital Markets, PwC Middle East
Contact us
Haitham Aljabry
Finance & Accounting Consulting, Partner, PwC Middle East
Tel: +966 54 732 2225
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