GCC IPOs raise USD 931 million in Q1 2024

GCC IPOs raise USD 931 million in Q1 2024

Kuwait City, May 12: Kuwait Financial Centre “Markaz” released its research report titled “Initial Public Offerings (IPO) in the GCC markets”, stating that the region has raised total proceeds of USD 931 million through 9 offerings during the first three months of 2024, marking a year-on-year decline in value by 73% compared to the first …

Kuwait City, May 12: Kuwait Financial Centre “Markaz” released its research report titled “Initial Public Offerings (IPO) in the GCC markets”, stating that the region has raised total proceeds of USD 931 million through 9 offerings during the first three months of 2024, marking a year-on-year decline in value by 73% compared to the first quarter of 2023, where issuers raised USD 3.5 billion through 12 offerings.

Geographical Allocation:

Markaz’s report stated that Saudi Arabia led the region in terms of IPO proceeds during the quarter, raising a total of USD 503 million from 8 offerings constituting 54% of total GCC IPO proceeds. This represented an increase of 594% in the value of Saudi IPOs compared to Q1-2023. In the UAE, IPO proceeds totaled USD 429 million during the period with 1 offering constituting 46% of total GCC IPO proceeds. However, this marked a decline of 87%