MENA IPOs raised $12.6bn last year, more growth expected in 2025

According to the EY MENA IPO Eye Q4 2024 report, MENA markets saw a total of 54 initial public offerings (IPOs) in 2024, raising $12.6bn in total.
When compared to 2023, last year recorded a 12.5 per cent increase in the number of IPOs and a 17.6 per cent rise in proceeds.
The year-on-year increase in proceeds for 2024 was impacted by a number of large-value IPOs such as Talabat Holding plc, OQ Exploration & Production and Lulu Retail Holdings PLC that were listed during the last quarter of the year.
MENA IPOs
Brad Watson, EY MENA Strategy and Transactions Leader, said: 'The year 2024 ended on a strong note with 54 IPOs in total, the highest in MENA over the past seven years. The region has been one of the busiest when compared to the global market.
'The momentum is expected to continue into 2025, with companies from various sectors announcing their intention to come to market.
'In addition, regional exchanges are actively working on initiatives to promote family-owned businesses and small to medium enterprises, aiming to strengthen the capital markets infrastructure and boost future liquidity.
'The market is also anticipating the Arena platform from the DFM, which is expected to launch in 2025.'
During Q4 2024, 25 IPOs raised $7.9bn, which represents a 32 per cent increase in number and a 59.4 per cent surge in proceeds when compared to Q4 2023.
Talabat Holding plc, which listed on the Dubai Financial Market (DFM), raised the highest proceeds, contributing 25.8 per cent of the overall proceeds for Q4 2024.
It was followed by OQ Exploration & Production, which listed on the Muscat Stock Exchange (MSX) and raised $2bn – the largest IPO in Oman to date – and accounted for 25.3 per cent of the total quarterly proceeds.
Meanwhile, the Bahrain Bourse witnessed the AlAbraaj Restaurants Group IPO that raised $23.9m.
Outside of the GCC region, there were two IPOs in Q4 2024 – Compagnie Marocaine de goutte a goutte et de pompage (CMGP) in Morocco and The United Bank in Egypt.
The Saudi Arabia dominated the region's IPO activity with 17 out of the 25 listings in Q4 2024, with total proceeds of $1.2bn.
Five IPOs took place on the Tadawul Main Market with total proceeds of $1.1bn. Arabian Mills for Food Products Company and United International Holding Company marked the highest proceeds at $300m each.
The remaining 12 IPOs, raising $119m in total, were listed on the Nomu – Parallel Market.
In 2024, various sectors contributed to IPO funds raised in KSA, with the largest shares coming from commercial and professional services at 20 per cent, materials at 12.5 per cent, food and beverages (F&B) at 10 per cent and healthcare equipment and services at 10.0 per cent.
In the UAE, the Abu Dhabi Securities Exchange (ADX) welcomed two IPOs in Q4 2024 with $2bn in combined proceeds.
Lulu Retail Holdings PLC raised $1.7bn, and ADNH Catering PLC raised $235m. The ADX also saw a direct listing of Mair Group.
In Dubai, the DFM had one new listing in Q4, Talabat Holding plc in the consumer and technology sector, raising $2bn.
For the UAE, ESG goals remain a priority. The country has introduced a law, effective May 2025, that requires companies to report carbon emissions.
Additionally, businesses must adopt decarbonisation strategies that include renewable energy and carbon offsetting. Applicable to all sectors, including free zones, the law sets penalties for noncompliance, encourages research and development and promotes carbon trading through a dedicated registry.
These measures align with the UAE's 2050 net-zero ambitions and are likely to influence IPO market dynamics as companies prioritize sustainability to attract investors.
Gregory Hughes, EY MENA IPO and Transaction Diligence Leader, said: 'The last quarter of 2024 was a bumper quarter for the MENA region with 25 IPOs, making up 46 per cent of the total IPO activity in that year.
'Nomu listings accounted for 50 per cent, indicating robust activity in the junior Saudi market. Talabat and OQ Exploration & Production raised substantial proceeds, showcasing strong demand from regional investors.
'The region also continues to drive positive developments in areas such as governance and ESG to enhance its attractivity to local and international investors alike.'
The outlook for MENA IPOs in 2025 remains positive, with 38 companies and 22 funds intending to list on the region's exchanges across a variety of sectors.
Among the GCC countries, KSA remains the lead in listings with 27 companies in the pipeline, followed by the UAE with three, and Qatar with one.
Outside of the GCC, Egypt has announced five IPOs, and Algeria has two businesses intending to list. Notable companies, such as Etihad Airways PJSC and Amanat Holdings from the UAE, as well as Panda Retail Company and Riyad Capital from KSA, are among those considering IPOs in 2025.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Gulf Today

12 hours ago

• Gulf Today

UAE is pressing ahead with a slate of infrastructure projects

Staff Reporter, Gulf Today UAE's authorities are fast-tracking enhancements to the country's transport network, signaling an open window for investors seeking early exposure to the next wave of growth Dubai: While the summer season is usually a quieter period for financial markets due to widespread investor holidays, global sentiment remains overshadowed by persistent geopolitical tensions this summer. Escalating concerns over US tariff measures and the intensifying Israel–Iran conflict have cast a pall over risk appetite, driving cautious investor positioning and heightened market volatility. Yet, against this backdrop of global unease, the United Arab Emirates is pressing ahead with an ambitious slate of infrastructure projects, using the relative calm of the summer months to accelerate key developments. With lighter traffic during the holiday stretch, authorities are fast-tracking enhancements to the country's transport network, signaling an open window for investors seeking early exposure to the next wave of growth. Major infrastructure initiatives are underway to strengthen both east–west and north–south connectivity across the emirates through new roads and metro extensions. In Dubai, upgrades to Hessa Street and the expansion of the Metro network with the Blue Line are pivotal undertakings aimed at easing congestion and linking emerging residential and commercial hubs. Meanwhile, the landmark Etihad Rail project is progressing steadily, ultimately set to integrate all seven emirates with a modern rail link, opening new avenues for investment in real estate and infrastructure equity. Adding to the skyline's evolution, Dubai Creek Harbour is constructing what is projected to become the tallest tower in the world, surpassing the iconic Burj Khalifa. In tandem, Dubai South continues to evolve as the city's future primary aviation center with the forthcoming Al Maktoum International Airport, cementing the UAE's role as a regional transport and logistics powerhouse. 'These transformative projects are expected to cut travel times by more than 75%' said Razan Hilal, Market Analyst, CMT at adding 'they will boost connectivity across burgeoning districts, laying the groundwork for robust property market performance, economic diversification, and sustainable urban planning for decades to come.' Several publicly listed companies like DEWA, Union Properties, Tabreed, and Salik stand to benefit directly from this wave of development, each playing a strategic role in energy, cooling, real estate, and road toll management respectively. However, despite this local momentum, the MSCI UAE Index has shed over 7% this month, reflecting broader concerns over dollar weakness and geopolitical turmoil. Leading developers such as Emaar Properties (DFM: EMAAR) have seen share price corrections of around 5%, underscoring the cautious tone prevailing among regional investors. 'While short-term volatility persists due to external shocks, the UAE's commitment to long-term national development plans - Vision 2025, 2030, and 2040 - suggests that current market dips may present strategic entry points for long-term investors', observes Hilal. She adds: 'Amid this climate, portfolio diversification remains prudent. Commodities like oil continue to serve as a hedge against supply disruptions in the region, while gold and silver retain their appeal as safe-haven assets, particularly relevant as industrial demand for silver expands in the technology sector. Overall, while global headwinds pose challenges, the UAE's clear focus on future-ready infrastructure and urban resilience reinforces its appeal as a steady beacon of opportunity for investors looking beyond short-term volatility. StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company with a nearly 100-year track record, StoneX Group Inc. serves more than 50,000 commercial, institutional and payments clients, and more than 370,000 retail accounts, from nearly 80 offices across six continents.

Arabian Post

4 days ago

• Arabian Post

Saudi CMA Sets Stage for Three Exclusive IPOs

Saudi Arabia's Capital Market Authority has greenlit three initial public offerings on the Tadawul Parallel Market, signalling sustained investor interest and broadening of the kingdom's capital markets. The regulator authorised offerings for Zahr Al Khuzama Aluminium Company, Quality Education Company and Sahat Almajd Company Trading on 18 June 2025. The combined volume of shares to be sold stands at approximately 6.175 million, constituting stakes ranging from 11 to 20 per cent in the respective firms. Zahr Al Khuzama will float 300,000 shares, Quality Education 2.5 million, and Sahat Almajd 4.375 million shares. Each IPO is exclusively targeted at qualified investors, with prospectuses scheduled for publication ahead of the offers. The approvals, valid for six months, reflect the CMA's intent to diversify offerings while maintaining regulatory oversight. ADVERTISEMENT Nomu has attracted increasing interest as a gateway for smaller and mid‑cap companies to access Saudi capital. This latest round of approvals follows 11 offerings already listed or in the pipeline this year, marking a notable shift in focus toward smaller enterprises beyond the main exchange, Tadawul. The Zahr Al Khuzama float presents an opportunity to inject fresh capital into the aluminium sector, aiding its expansion and supporting the kingdom's industrial ambitions under Vision 2030. Its 20 per cent stake opening is likely to appeal to investors seeking exposure to commodities and D‑rated industries known for cost‑efficiency. Quality Education's offering, also at 20 per cent, underscores Saudi Arabia's emphasis on educational infrastructure and services. As the kingdom continues investing in human capital, this listing responds to rising demand for quality educational provisions. Meanwhile, the 11.11 per cent offering by Sahat Almajd Company Trading—whose operations lie in trading goods and services—may serve as a bellwether for investor appetite in more diversified commercial ventures transitioning toward public ownership. Regulatory constraints limit participation to qualified investors, aiming to ensure market stability and prevent speculative retail activity. This aligns with other recent IPO frameworks, including the Hawyia Auction Co float, which resulted in daily price fluctuation limits and standard listing protocols on Nomu. The prospectuses, expected to provide comprehensive financial, operational and ownership disclosures, are anticipated to feature standard risk disclosures and corporate governance details. As an approved offering does not equate to an investment endorsement, the CMA is ensuring that qualified investors are aware of their due‑diligence obligations. Markets reacted cautiously. Nomu's index has experienced slight downward variance amid global economic headwinds, but the IPO pipeline may inspire renewed investor confidence. The main index, TASI, closed at approximately 10,591 points—a decline of 1.15 per cent, while Nomu Composite dropped 0.96 per cent on 19 June. Analysts note that the six‑month validity window compels issuers toward timely execution. As such, these companies must complete their share sales and listings before December. Those delays could result in approvals being rescinded. Industry observers interpret this episode as part of a broader strategic push to deepen the Saudi capital market ecosystem, encouraging stronger participation from mid‑tier entities. In parallel, main market IPO activity continues to draw global interest, with high‑profile offerings such as those launched by Umm Al Qura, Entaj and Derayah Financial earlier this year collectively generating over US$1 billion. The parallel market serves a complementary function, offering flexibility and attractively priced entry points for investors comfortable with slightly higher risk profiles in exchange for growth potential. With each qualifying investor required to conduct thorough due diligence, the system reinforces regulatory robustness while supporting ambition among a broader swathe of companies seeking public-market financing. Saudi Arabia's capital markets continue evolving in line with Vision 2030 goals, with both infrastructure and regulatory frameworks maturing to support a more inclusive investor base. The inclusion of newer sectors, such as education and commodities trading, diversifies the market's profile—appealing to both domestic and international investors pursuing new growth corridors amid global volatility.

Zawya

5 days ago

• Zawya

Eni-PTTEP partnership awarded Reggane II gas block in Algeria

The partnership between Eni Algeria Exploration B.V., a subsidiary of Italian oil and gas giant Eni, and PTTEP Algeria Company (PTTEP AG), a subsidiary of Thailand's PTT Exploration and Production Public Company (PTTEP), has been awarded the Reggane II Block from the 'Algeria Bid Round 2024.' Eni will serve as operator of the block with a 66 percent participating interest, while PTTEP AG holds the remaining 34 percent, parent PTTEP said in a stock exchange statement. A Production Sharing Contract (PSC) for the block will be signed at a later date, the Stock Exchange of Thailand (SET)-listed company said. Located in southwest Algeria, the Reggane II Block spans approximately 40,828 square kilometres (sq km) and includes both discovered gas fields and areas with further exploration potential. PTTEP stated that the investment aligns with its growth strategy in key strategic focus areas and will enhance its upstream portfolio in Algeria, where the company is expanding its presence in the gas sector. (Writing by Majda Muhsen; Editing by Anoop Menon) (