GCC markets raise $3.5bn in IPOs in Q1 with UAE taking the lead 

GCC markets raise $3.5bn in IPOs in Q1 with UAE taking the lead 

RIYADH: Stock markets across the Gulf Cooperation Council raised $3.5 billion through 12 initial public offerings during the first quarter of 2023, with the UAE responsible for 91 percent of the total amount.

Abu Dhabi Securities Exchange recorded an increase of 192 percent in value compared to the same quarter of the previous year as it raised $3.2 billion from just three offerings, according to a report issued by the Kuwait Financial Center, also known as Markaz.

Some $3 billion came through the IPOs of ADNOC Gas and Presight AI, while Dubai-listed Al Ansari Financial Services raised $200 million.

The report showed that following a flurry of IPOs in 2022, the Gulf region witnessed a 25 percent slump in the first quarter of the current year compared to the same period last year, when $4.6 billion was raised through 13 offerings.

Muscat Securities Market in Oman saw an IPO totaling $244 million, representing 7 percent of the total GCC IPO proceeds raised in the first quarter of 2023. ⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠

Furthermore, eight IPOs were held at the Saudi Stock Exchange, also known as Tadawul, generating $72 million, or 2 percent of the total IPO proceeds in the Gulf region.

However, Tadawul received 100 applications until mid-February