Initial Public Offerings (IPOs) across the Gulf Cooperation Council (GCC) raised $1.7 billion during the third quarter of 2024, with the Abu Dhabi Securities Exchange (ADX) hosting the largest single offering. NMDC Energy raised $1.1 billion for a 23% stake in the company.
Saudi Arabia’s stock markets saw the remaining IPOs during the quarter, the largest being Arabian Mills for Food Products, which raised $271 million for a 30% stake.
In contrast, there were no IPOs on the stock exchanges of Dubai, Bahrain, Oman, Kuwait, or Qatar in Q3 2024.
Although the value of IPOs increased by 6% year-on-year, reaching $1.7 billion, the total amount raised in the first nine months of 2024 amounted to $5.2 billion from 30 IPOs. This represents a decline from $6.8 billion raised in the same period of 2023 through 29 offerings.
Looking forward, Lulu Hypermarket’s anticipated IPO in the UAE could raise $1.8 billion in the coming week.
In the fourth quarter so far, Oman’s OQ Exploration and Production secured $2 billion last week, while Abu Dhabi National Hotels and Catering raised $235 million.
According to Markaz data, three IPOs are expected on Saudi Arabia’s NOMU market in Q4 2024, with two more set for the main market next year. Dubai Financial Market is also set to welcome e-commerce and food delivery platform Talabat to list in the fourth quarter.
