The Gulf Cooperation Council (GCC) region’s IPO market has witnessed remarkable growth in the last few years. In its latest report titled ‘Initial Public Offerings (IPO) in the GCC markets’, the Kuwait Financial Center (Markaz) reveals that the GCC region raised total proceeds of $3.6 billion from 23 initial public offerings (IPOs) during the first six months of 2024. The report also spotlights the top five GCC IPOs by proceeds during the first half (H1) of 2024.
Top 5 GCC IPOs in H1 2024
Markaz’s report highlights the top 5 GCC IPOS by proceeds during H1 2024:
1. Dr. Soliman Abdulkader Fakeeh Hospital Company
The company raised a total of $764 million in proceeds, marking the largest IPO in H1 2024. The company offered 49.8 million shares, or a 21 percent stake, which was covered 119 times. The company’s IPO proceeds constituted 21 percent of total GCC IPO proceeds during the first six months of the year. The company listed its offering on Tadawul’s Main Market on June 5, 2024.
2. Alef Education
Alef Education’s IPO raised a total of $515 million in proceeds, making it the second-largest IPO in 2024 so far. The company offered 1.4 billion shares or a 20 percent stake. The offering was covered 39 times. The IPO proceeds made up 14 percent of total GCC IPO proceeds during H1 of 2024. The company listed its offering on June 11, 2024, on the Abu Dhabi Securities Exchange (ADX).
3. Parkin Company
Parkin’s IPO raised a total of $429 million in proceeds from offering 750 million shares or a 25 percent stake. The IPO proceeds constituted 12 percent of total GCC IPO proceeds during the period and were covered 165 times. The company listed on the Dubai Financial Market (DFM) on March 21.
4. Spinneys Company
The Spinneys IPO raised $375 million in proceeds after the company offered 900 million shares or a 25 percent stake. The IPO was covered 64 times. In addition, the proceeds amounted to 11 percent of total GCC IPO proceeds in H1 of 2024. The company listed its shares on May 9 on DFM.
5. Modern Mills Company
Modern Mills’ IPO raised $314 million in proceeds through the sale of 24.5 million shares, or 30 percent stake. The IPO was covered 127 times. Notably, Modern Mills Company’s IPO made up 9 percent of total GCC IPO proceeds during H1 of 2024. The company listed its offering on Tawadul’s Main Market on March 27.
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