Saudi IPOs raised $2.1 billion in first half of 2024, leading GCC
Bumper first half of the year represented a 141% increase in funds raised via public offerings by Saudi companies from the same period in 2023
Saudi Arabia's Tadawul stock exchange. (Getty Images)
IPO fundraising jumped in Saudi Arabia during the first half of 2024 while slowing in other Gulf markets.
Saudi companies raised $2.1 billion in 19 offerings, a 141% increase from the first half of 2023, according to Markaz, the Kuwait Financial Centre.
The largest IPO in the region during the first half of the year was Dr. Soliman Abdulkader Fakeeh Hospital Co., which raised $764 million on the Tadawul Stock Exchange on June 4.
Across the GCC, the value of IPOs declined 32% to $3.6 billion during the first half of 2024, compared to $5.3 billion in the same period last year, Markaz said.
The UAE’s three IPOs during the first half raised $1.3 billion, down 67% percent from 2023. Alef Education led the UAE with an offering on the ADX that raised $515 million on June 11.