EY: 2022 was a record year for MENA IPOs with 51 listings

EY: 2022 was a record year for MENA IPOs with 51 listings

- Saudi Arabia continued to dominate listing activity with 13 IPOs and two direct listings in Q4 2022

- UAE registered the region’s largest IPO in Q2 2022 with Dubai Electricity and Water Authority raising over US$6.0 billion

Dubai, UAE – According to the EY MENA IPO Eye Q4 2022 report, the MENA region saw a record number of IPOs in 2022 with 51 IPOs and combined proceeds of US$22.0 billion. The year witnessed a 143% increase in the number of listings when compared to the 21 announced in 2021, and a 179% hike in value when compared to last year.

The strong run across the MENA region’s markets included 20 IPOs in Q4 2022 that raised US$7.3 billion in proceeds. In terms of value, Q2 2022 was the strongest quarter with US$9.2 billion in proceeds raised across nine IPOs.

Brad Watson, EY MENA Strategy and Transactions Leader, says: “MENA IPOs had a stellar 2022, with interest and liquidity in the region continuing to defy global trends. The number of IPOs in Q4 2022 was the highest at 20; however, Q2 marked the highest proceeds with the listing of Dubai Electricity and Water Authority (DEWA) on the Dubai Financial Market (DFM) which raised a