GCC IPOs raise $10.1bln through 45 offerings in 2023, says report

GCC IPOs raise $10.1bln through 45 offerings in 2023, says report

The GCC region has raised a total of $10.1 billion in Initial Public Offerings (IPO) proceeds through 45 offerings during FY 2023, thus marking a year-on-year decline of 55% by value compared to the previous year, where issuers raised $22.7 billion through 46 offerings, according to Kuwait Financial Centre (Markaz).

Releasing its research report titled 'IPO in the GCC markets for 2023,' Markaz said regionwise, the UAE emerged on top raising a total of $5.5 billion from 7 offerings constituted 54% of total GCC IPO proceeds.

However, this constituted a decrease of 55% in the value of UAE IPOs compared to the year 2022. Abu Dhabi Securities Exchange (ADX) witnessed the highest proceeds in the UAE with $4.9 billion followed by offerings that were listed on the Dubai Financial Market (DFM) which raised a total of $0.5 billion.

In Saudi Exchange (Tadawul) IPO proceeds was $3.5 billion during the year with 35 offerings recording the highest number of IPOs in the GCC during FY 2023 and 35% of total GCC IPO proceeds.

Muscat Securities Market (MSM) witnessed two IPOs with total proceeds of $973 million, constituting 10.0% of total GCC IPO proceeds raised during 2023. Qatar had one IPO that raised a total of