UAE leads GCC in IPO proceeds of $6.07bln in 2023

UAE leads GCC in IPO proceeds of $6.07bln in 2023

The UAE continued its domination in terms of initial public listing proceeds in the GCC in 2023, accounting for almost 56.3 per cent of the region’s total issuance proceeds.

The UAE repeated its stellar performance as a regional IPO hotspot by raking in around $6.07 billion from eight listings on its bourses in 2023 amid a sustained GCC listing momentum, Kamco Invest said.

The average listing size of IPOs on UAE exchanges was $759 million and was significantly higher than the rest of the GCC average listing size of $124 million.

The largest IPO from the region was that of Adnoc Gas that supplies around 60 per cent of the UAE's natural gas requirements. The company garnered $2.48 billion from the sale of 5.0 per cent of its business via its primary market issuance as per Bloomberg.

After witnessing strong activity throughout 2022, major GCC stock exchanges remained active with listing momentum in terms of IPO numbers. However, issuance proceeds dropped even as the MSCI GCC gained by 3.7 per cent year-on-year on mixed performances from individual countries.

Total number of IPOs in the GCC declined marginally to 46 issuances in 2023 from 48 issuances in 2022, as per Kamco analysis. Proceeds for 2023 from