GCC IPOs raise $10.1bln during FY 2023, a decline of 55% YOY

GCC IPOs raise $10.1bln during FY 2023, a decline of 55% YOY

Kuwait: Kuwait Financial Centre “Markaz” released its research report titled “Initial Public Offerings (IPO) in the GCC markets”. During the year of 2023, Initial Public Offerings (IPO) in the Gulf Cooperation Council Countries (“GCC”) raised total proceeds of USD 10.1 billion through 45 offerings, marking a year-on-year decline of 55% by value compared to the previous year, where issuers raised USD 22.7 billion through 46 offerings. ­Geographical Distribution: Markaz’s report stated that the UAE led the region in terms of IPO proceeds during 2023, raising a total of USD 5.5 billion from 7 offerings constituted 54.0% of total GCC IPO proceeds. However, this constituted a decrease of 55.0% in the value of UAE IPOs compared to the year 2022. Abu Dhabi Securities Exchange (ADX) witnessed the highest proceeds in the UAE with USD 4.9 billion followed by offerings that were listed on the Dubai Financial Market (DFM) which raised a total of USD 0.5 billion. In Saudi Exchange (Tadawul) IPO proceeds was USD 3.5 billion during the year with 35 offerings recording the highest number of IPOs in the GCC during FY 2023 and 35.0% of total GCC IPO proceeds. Muscat Securities Market (MSM) witnessed two IPOs with total proceeds of