With a 594% Increase in Proceeds, Saudi Arabia Leads the GCC IPO Market: Markaz

With a 594% Increase in Proceeds, Saudi Arabia Leads the GCC IPO Market: Markaz

RIYADH: Saudi Arabia topped the GCC market for IPOs, with a 594 percent yearly increase in the first quarter of 2024, according to Kuwait Financial Centre.

The company, also known as Markaz, released a report that described the dynamic environment of initial public offerings (IPOs) in the Gulf Cooperation Council (GCC) and highlighted notable changes and patterns in the flow of capital.

According to the report, Saudi Arabia has raised $503 million through eight offerings, indicating significant growth.

In spite of the Kingdom’s activity, the GCC as a whole saw a decline in IPO activity in terms of value; in the first three months of 2024, nine offerings generated $931 million in total proceeds, a 73 percent decrease from the previous year.

Issuers raised $3.5 billion during the same period in 2023 by means of 12 offerings.

Saudi Arabia took home 54% of the GCC’s total proceeds in the first quarter of 2024, with the UAE accounting for the remaining 46%, which came from a single offering. This represents an 87 percent decline from the same period the previous year.

This quarter, there were no new listings in any of the group’s other countries.

Sector-wise, the transport industry lead the way, led by the $429 million raised by Dubai-based Parkin Co.’s offering, which accounted for nearly 46% of the proceeds from GCC IPOs during that time.

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