Gulf IPOs pulled back slightly in 1H, raising a combined USD 3.4 bn across 24 listings — a 6% y-o-y drop from the same period last year, according to a report (pdf) by Kuwaiti research firm Markaz.

Saudi remained the region’s IPO powerhouse, accounting for the lion’s share with USD 2.8 bn raised across 22 offerings — a 36% increase in value over 1H 2024 and representing 85% of total GCC IPO proceeds in the first six months of the year. The largest Saudi listing of the period came from Flynas, followed by Umm Al Qura.

A slow 1H for the rest: The UAE saw only one listing in the first half of the year, with IT services firm Alpha Data raising USD 163 mn, excluding Dubai Holding’s blockbuster AED 2.2 bn (USD 600 mn) listing of Dubai Residential REIT. Oman also contributed a single listing via Asyad Shipping, which raised USD 333 mn. Kuwait, Qatar, and Bahrain saw no listings in 1H.

Cyclicals dominated: The industrial sector led the way, accounting for 43% of total IPO proceeds with USD 1.4 bn raised. That included listings from Asyad, Nass, and several logistics and consultancy firms. Real estate followed with 17% of total proceeds, led by Umm Al Qura. Meanwhile, Specialized Medical Company contributing the bulk of USD 505 mn raised by healthcare IPOs

Kuwait’s bourse topped the region in performance, rising 18.1% YTD, followed by Dubai (10.6%), Abu Dhabi (5.7%), and Qatar (1.7%). In contrast, Tadawul ended 1H down 7.6%, and Bahrain’s Bourse lost 2.1%.

MARKETS THIS MORNING-

Asian markets are seeing yet another mixed morning, following gains for Asian chip stocks after the US lifted export curbs to China. Hong Kong’s Hang Seng is up 0.5%, while Japan’s Nikkei and the Shanghai Composite are both inching down 0.1%. Meanwhile, Wall Street futures are indicating a lower opening as the bank earnings season kicks into gear.

TASI

11,095

-1.1% (YTD: -7.8%)

MSCI Tadawul 30

1,421

-1.1% (YTD: -5.8%)

NomuC

27,301

-0.2% (YTD: -13.3%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

5.0% repo

4.5% reverse repo

EGX30

33,935

+0.6% (YTD: +14.1%)

ADX

10,151

+0.9% (YTD: +7.8%)

DFM

5,914

+1.0% (YTD: +14.6%)

S&P 500

6,244

-0.4% (YTD: +6.2%)

FTSE 100

8,938

-0.7% (YTD: +9.4%)

Euro Stoxx 50

5,354

-0.3% (YTD: +9.4%)

Brent crude

USD 68.86

-0.5%

Natural gas (Nymex)

USD 3.52

+1.6%

Gold

USD 3,337

-0.7%

BTC

USD 116,821

-2.7% (YTD: +24.7%)

Sukuk/bond market index

914.36

0.0% (YTD: +1.4%)

S&P MENA Bond & Sukuk

145.63

-0.2% (YTD: +4.1%)

VIX (Volatility Index)

17.38

+1.1% (YTD: +0.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.1% yesterday on turnover of SAR 4.5 bn. The index is down 7.8% YTD.

In the green: SHL (+5.2%), Sico Saudi Reit (+5.1%) and Teco (+3.3%).

In the red: Alistithmar (-4.0%), Tadawul Group (-4.0%) and Enaya (-3.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 21.9 mn. The index is down 13.3% YTD.

In the green: Horizon Food (+9.7%), NBM (+8.2%) and Knowledge Tower (+7.9%).

In the red: Knowledgenet (-9.9%), Albattal Factory (-7.5%) and Amwaj International (-7.3%).

CORPORATE ACTIONS-

#1- Yanbu Cement will distribute a SAR 78.8 mn dividend payout for 1H 2025 at SAR 0.5 per share, it said in a disclosure to Tadawul. The distribution date is set for 28 August.

#2- Saudi Lime Industries will boost its capital by 5% to SAR 231 mn via a bonus share issuance, it said in a disclosure to Tadawul. The SAR 11 mn capital increase will be funded from the outfit’s retained earnings, with shareholders receiving one bonus share for every 20 shares held. The raised capital will be used to shore up the company’s financial position and support expansion plans.

Tags: