UAE leads GCC region raising $3.2bln from 3 IPOs in Q1 2023

UAE leads GCC region raising $3.2bln from 3 IPOs in Q1 2023

GCC initial public offerings (IPOs) raised a total of $3.5 billion through 12 offerings in Q1 2023, marking a y-o-y decline in value of 25%, as UAE led the region raising $3.2 billion from 3 offerings, a steep increase of 192%.

In Q1 2022 GCC IPOs had raised $4.6 billion through 13 offerings, said Kuwait Financial Centre (Markaz) in its research report titled ‘Initial Public Offerings (IPO) in the GCC markets’.

Markaz’s report stated that the UAE offerings constituted 91% of total GCC IPO proceeds in Q1-2023. Abu Dhabi Securities Exchange (ADX) witnessed the highest proceeds with $3.0 billion through the offerings of Adnoc Gas and Presight AI.

UAE offerings

UAE offerings that were listed on the Dubai Financial Market (DFM) raised a total of $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 proceeds of $72 million, constituting 2% of total GCC IPO proceeds. This represents a drop of 98% year-on-year in value when compared to proceeds raised by Saudi