GCC IPOs raise $3.5bln in Q1 2023

GCC IPOs raise $3.5bln in Q1 2023

Kuwait – Kuwait Financial Centre “Markaz” released its research report titled “Initial Public Offerings (IPO) in the GCC markets”, which raised total proceeds of USD 3.5 billion through 12 offerings during the first three months of 2023, marking a year-on-year decline in value by 25% compared to the first quarter of 2022, where issuers raised USD 4.6 billion through 13 offerings.

Geographical Allocation:

Markaz’s report stated that the UAE led the region in terms of IPO proceeds in Q1-2023, raising a total of USD 3.2 billion from 3 offerings and recording an increase of 192% in value compared to Q1-2022. UAE offerings constituted 91% of total GCC IPO proceeds in Q1-2023. Abu Dhabi Securities Exchange (ADX) witnessed the highest proceeds with USD 3.0 billion through the offerings of ADNOC Gas and Presight AI. UAE offerings that were listed on the Dubai Financial Market (DFM) raised a total of USD 0.2 billion from one IPO, which is Al Ansari Financial Services. Muscat Securities Market (MSM) witnessed 1 IPO with total proceeds of 244 million, constituting 7% of total GCC IPO proceeds raised during the first three months of 2023. The Saudi Exchange (Tadawul) witnessed 8 initial public offerings in Q1-2023 that generated total