UAE and Saudi companies lead the Gulf in new public offerings
UAE's Alpha Data and Riyadh-based SMC Hospitals are prepping to start trading shares in their local markets to raise funds for expansion
The Tadawul Saudi Stock Exchange in Riyadh (Getty Images)
Gulf markets continue to churn out IPOs as companies in the UAE and Saudi Arabia lead the drive to raise money by going public.
Alpha Data, an Abu Dhabi-based tech services company, announced plans today for its initial share sale next month with expectations of raising as much as $162 million when the shares start trading on March 11, Reuters reports.
Riyadh-based SMC Hospitals, meanwhile, has hired a group of investment banks, including EFG Hermes and SNB Capital, in preparation for its ADX debut before the summer, according to the news agency.
Fakeeh Care Group, another Saudi healthcare business, raised $760 million in June, making it the kingdom’s largest IPO of 2024.