Whose raising out with next set of blockbuster GCC IPOs?

Whose raising out with next set of blockbuster GCC IPOs?

The majority of Gulf IPOs gave investors much to cheer after their listings. 2024 can be a continuation. Image Credit: Shutterstock

The three-year IPO boom in the GCC has witnessed various peaks and troughs. From a COVID-19-led 2020 issuance low of $2 billion to a 2022 high of $23 billion, the primary market issuance trends have reacted vividly to market news.

While this year, issuance is down by 54 per cent (year-on-year basis) to $8.4 billion, November had a flurry of deals, and new possibilities taking on shape in the M&A space. Dubai-based OSN+ and Nasdaq-listed Anghami announced their merger to create one of the Middle East's most extensive entertainment streaming services.

Saudi media behemoth MBC Group announced plans for a stake sale of 10 per cent for its IPO. While the discussions were on quite a few times, the group finally received approval from Saudi's CMA. Dubai Taxi IPO got oversubscribed within just an hour of opening and UAE's largest hospital operator, PureHealth, is readying to list on ADX. The Lulu Group IPO is expected in H1-2024.

What's driving the momentum?

Price appreciation for most new listings

Investors tend to flock to markets that have shown solid price appreciation and