{"id":84253,"date":"2024-03-12T00:00:00","date_gmt":"2024-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/12\/ipo-momentum-to-remain-strong-this-year-in-the-gcc\/"},"modified":"2024-03-12T00:00:00","modified_gmt":"2024-03-12T00:00:00","slug":"ipo-momentum-to-remain-strong-this-year-in-the-gcc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/12\/ipo-momentum-to-remain-strong-this-year-in-the-gcc\/","title":{"rendered":"IPO momentum to remain strong this year in the GCC"},"content":{"rendered":"

IPO momentum in the GCC is set to remain strong throughout 2024 on the back of <\/strong>continued government pledges for privatization<\/strong>, Fitch Ratingssays in a report. Growth will be anchored by minority stake sales by government-related entities. <\/p>\n

In numbers:<\/strong> The Gulf saw 47 IPOs in 2023, slightly down from 48 a year earlier, according to the report. IPO proceeds were estimated at USD 11 bn, nearly half of the USD 23 bn raised in 2022.<\/p>\n

BACKGROUND- <\/strong>Saudi was the 2023 IPO king, dominating issuances in the GCC with 35 of 46 IPOs tracked separately (pdf) by Kamco Invest (pdf)<\/a> in January. The figure includes listings on both Tadawul\u2019s main market as well as Nomu, the parallel market for smaller, earlier-stage companies. The UAE led the region last year in terms of total IPO proceeds.<\/p>\n

The domestic IPO market is <\/strong>still going strong<\/a><\/strong> in 1Q 2024<\/strong> with regional broadcaster MBC debuting on Tadawul in January in a USD 222 IPO. Its IPO is currently the world\u2019s top performing<\/a> this year, according to Bloomberg. Avalon Pharma<\/a> has gone public on the main market and Moderns Mills<\/a> recently priced its IPO at the top of the range. Al Modawat Specialized Medical Hospital<\/a> and Pan Gulf Marketing<\/a> have both made their debuts on Nomu. <\/p>\n

And there\u2019s lots more to come:<\/strong><\/p>\n