Saudi listings on the top: The Kingdom’s IPOs in 2024 outperformed their peers in the UAE and Egypt in terms of post-listing stock appreciation, with data suggesting investors are favoring mid-sized offerings with strong fundamentals over high-profile listings — that could have been overvalued, EnterpriseAM analysis shows.

IN CONTEXT- The average post-listing gain for Saudi IPOs stood at 37% against 17% in the UAE, Vijay Valecha, chief investment officer of the UAE’s Century Financial, told Bloomberg. Other industry experts emphasized the Kingdom’s wide investor base and large market capitalization, allowing it to absorb IPO supply more efficiently than its regional peers.

TADAWUL DIVE-IN-

Fintech, infrastructure and media IPOs saw broad-based gains on Tadawul, while the parallel market Nomu’s top performers came from construction, tech and ESG consulting.

Rasan logged the highest post-IPO share price increase on Tadawul in 2024. The fintech outfit’s share price was up 140.3% since its launch on the main market, closing at SAR 88.9 on Tuesday, up from its debut price of SAR 37. The offering, which wrapped up in May of last year, consisted of a sale of new and existing shares, raising some SAR 841 mn in proceeds, and giving the company a market cap of SAR 2.8 bn at the time.

Miahona trailed closely in second: Miahona’s share price grew 136.5% since it hit the main market, closing at SAR 27.2 on Tuesday, up from its final IPO price of SAR 11.5. The Riyadh-based water treatment company closed out its secondary offering on Tadawul in April 2024, raising some SAR 555.5 mn in proceeds and giving it a market cap of SAR 1.6 bn at listing.

MBC clinched number three: MBC Group’s stock price clocked in at SAR 58.6 on Tuesday's close, marking a 134.4% increase from its debut price of SAR 25. The media broadcaster finalized its stock market debut in January 2024, in what was Tadawul’s first IPO of the year. The primary offering brought the group’s market cap to SAR 8.1 bn at listing, raising some SAR 831 mn in proceeds.

MEANWHILE AT NOMU-

Construction and mining firm Mohammed Hadi Al Rasheed’s IPO topped the parallel market Nomu performance charts, with its stock closing at SAR 115 on Tuesday, up 310.7% from its debut price of SAR 28. Meanwhile, tech firm Naqawa IT (Purity Tech) ranked second with its shares rising 162.3% to SAR 20.98 apiece on Tuesday, from its final IPO price of SAR 8. Rounding out Nomu’s top three, sustainability consultant Leaf Global Environmental’s stock was up 126% to SAR 113 up from SAR 50.

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