Saudi IPO proceeds trail UAE: Saudi Arabia raised USD 512 mn from six IPOs in the 3Q, falling behind the UAE, which brought in USD 1.1 bn from a single offering, Zawya reports, citing data from Kuwait Financial Center (Markaz). No other GCC markets saw any IPOs during the quarter.

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By the numbers: The seven IPOs in the UAE and Saudi generated a combined USD 1.7 bn in proceeds, up 6% y-o-y. Meanwhile, GCC issuers saw a dip in fundraising, securing USD 5.2 bn through 30 offerings in 9M 2024, compared to USD 6.8 bn raised from 29 offerings during the same period in 2023.

Tadawul vs. Nomu: Of Saudi’s total IPO proceeds, USD 459 mn came from Tadawul’s main market, while Nomu contributed USD 53 mn. Together, these accounted for 31% of all IPO proceeds in the GCC in 3Q.

Key listings: Arabian Mills and Almajed Oud each sold a 30% stake in IPOs on Tadawul’s main market in October. Meanwhile, Tharwah HR, ASG Plastic, Al Ashghal Almoysra, and First Avenue debuted on Nomu during the quarter.

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