{"id":87883,"date":"2024-07-16T00:00:00","date_gmt":"2024-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/16\/saudi-tops-gulf-ipo-league-table-with-usd-2-1-bn-in-proceeds-in-1h-2024\/"},"modified":"2024-07-16T00:00:00","modified_gmt":"2024-07-16T00:00:00","slug":"saudi-tops-gulf-ipo-league-table-with-usd-2-1-bn-in-proceeds-in-1h-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/16\/saudi-tops-gulf-ipo-league-table-with-usd-2-1-bn-in-proceeds-in-1h-2024\/","title":{"rendered":"Saudi tops Gulf IPO league table with USD 2.1 bn in proceeds in 1H 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi<\/strong><strong> accounted for the lion\u2019s share of proceeds flowing into Gulf IPOs in 1H 2024: <\/strong>Saudi raised USD 2.1 bn in IPO proceeds in the first half of 2024, accounting for 59% of total IPO proceeds in Gulf Cooperation Council countries during the period, investment bank Kuwait Financial Centre (Markaz) said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1121.pdf\" style=\"\" rel=\"noopener\">a recent report (pdf)<\/a>. Saudi IPOs saw proceeds up 141% from the same period last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Out of a total of 23 offerings in the Gulf during the first half, 19 were in the Kingdom<\/strong> with three in the UAE, and one in Kuwait.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong><strong> vs Nomu: <\/strong>Tadawul\u2019s main market saw eight IPOs in 1H 2024 according to Enterprise calculations, raising some USD 1.95 bn in proceeds, while the exchange\u2019s parallel market for smaller, earlier-stage companies Nomu saw 11 IPOs, generating USD 143 mn over the same period, by our math.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The year started strong on the main market <\/strong>and accelerated in 2Q, with multiple IPOs in the market at the same time meeting strong investor appetite. The breakdown:<\/p>\n<ul>\n<li>Regional broadcaster <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b8d03168-329f-4ed9-a441-eff0f952be06\" style=\"\" rel=\"noopener\">MBC Group<\/a><\/strong> rang the bell on Tadawul in January, offering a strong start to the year.<\/li>\n<\/ul>\n<ul>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cf04af58-2e30-49e2-8df1-3b0176fe1c4c\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cf04af58-2e30-49e2-8df1-3b0176fe1c4c\" style=\"\" rel=\"noopener\">Avalon Pharma<\/a><\/strong> was quick to follow with a SAR 492 mn main market IPO in February;<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf94604c-d669-4f0d-9946-a119503f7306\" style=\"\" rel=\"noopener\">Modern Mills<\/a><\/strong> followed suit in March;<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/341bef0a-b671-4d76-8852-f8d5914c345c\" style=\"\" rel=\"noopener\">Fakeeh Care<\/a><\/strong> went to market in 2Q with the largest IPO of the first half;<\/li>\n<li>Labor agency <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8a0c26ac-91ab-4953-9ea7-fb4b2e3dd793\/\" style=\"\" rel=\"noopener\">Smasco\u2019s<\/a><\/strong> heavily oversubscribed offering saw its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ca827ad0-3d4b-4f73-9048-f83d60c6f8d4\" style=\"\" rel=\"noopener\">shares rise 20%<\/a> in its debut<\/li>\n<li>Water treatment outfit <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0c079d3d-57fd-428f-bbc5-271112fe5ac7\/\" style=\"\" rel=\"noopener\">Miahona<\/a><\/strong> saw its shares <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d91b7798-03d4-40e0-863e-c29029583013\/\" style=\"\" rel=\"noopener\">pop nearly 30%<\/a> in its debut in early June <\/li>\n<li>Homegrown fintech <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d80bed9b-5ebc-4ef3-816d-535ab9cf2825\/\" style=\"\" rel=\"noopener\">Rasan<\/a><\/strong>, up the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c2e36d5a-b9d3-4dd8-9959-6e34288965a0\" style=\"\" rel=\"noopener\">maximum allowed 30%<\/a> in its debut late last month<\/li>\n<li>Aluminum products maker <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e4da0e33-8975-4fbe-9a11-1f4ae81456a4\/\" style=\"\" rel=\"noopener\">Talco<\/a><\/strong>, which rose 14% on day one of trading.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, eleven companies offered shares on Nomu<\/strong>, including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b46383a8-0302-491d-9416-f67af2fbb82f\" style=\"\" rel=\"noopener\">Pan Gulf Marketing<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f40703f4-f8dd-422d-9884-190ffe9f995f\" style=\"\" rel=\"noopener\">WSM<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f40703f4-f8dd-422d-9884-190ffe9f995f\" style=\"\" rel=\"noopener\">Information Tech<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7d8e3f25-ea6d-4560-a343-99d2bc217d5a\" style=\"\" rel=\"noopener\">Al Modawat Specialized Medical<\/a>, <a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/business\/economy\/2024\/03\/07\/Saudi-digital-microlender-Quara-Finance-successfully-lists-on-Tadawul-s-Nomu\" style=\"\" rel=\"noopener\">Quara Finance<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/49c214ef-f2d9-4084-9bc8-df75e3392f57\" style=\"\" rel=\"noopener\">Al Mohafaza Education<\/a>, <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details?1dmy&urile=wcm:path:\/Tadawul_en\/SA-Tadawul\/SA-PricesAndIndeces\/SA-News\/SA-MarketNews\/CT-marketnews-%2026032024%20%20listing\" style=\"\" rel=\"noopener\">Taqat Mineral Trading<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2803fc71-2059-419b-8d1e-a7b373678049\" style=\"\" rel=\"noopener\">Mohammed Hadi Al Rasheed<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8ad4d8a4-585a-41ec-bcc2-4413eeb0c43a\" style=\"\" rel=\"noopener\">Horizon Educational<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/20b26f21-6d1f-4729-948e-3f7806738e84\" style=\"\" rel=\"noopener\">Leaf Global Environmental Services<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/706b54fb-d25a-4b22-8dc6-51d901e25d64\" style=\"\" rel=\"noopener\">Neft Alsharq<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/706b54fb-d25a-4b22-8dc6-51d901e25d64\" style=\"\" rel=\"noopener\">Yaqeen Capital<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regional view: GCC IPOS raised USD 3.6 bn in 1H 2024<\/strong>, marking a 32% y-o-y decline from USD 5.3 bn in the same period last year. IPO proceeds in the UAE were down 67% y-o-y during the period to USD 1.3 bn through three offerings, while Kuwait raised USD 147 mn from its first IPO since 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two out of five of the GCC\u2019s top IPOs in Q1 were Saudi: <\/strong>Dr Soliman Abdulkader Fakeeh Hospital <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f20466e7-fb45-4235-8cfd-2d27b3b9e797\" style=\"\" rel=\"noopener\">raised some USD 764 mn<\/a> in what was the largest IPO on Tadawul in 1H 2024. Proceeds from the hospital\u2019s IPO accounted for 21% of total GCC IPO proceeds during the period. Modern Mills also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf94604c-d669-4f0d-9946-a119503f7306\" style=\"\" rel=\"noopener\">raised USD 314 mn<\/a> in proceeds after taking a 30% stake to the market, with the offering accounting for 9% of total GCC IPO proceeds during the period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Healthcare IPOs hit the bullseye in the GCC: <\/strong>The healthcare sector accounted for nearly 22% of total IPO proceeds in the GCC with some USD 788 mn in proceeds. This was led by Fakeeh\u2019s IPO. The technology sector accounted for 14% at USD 515 mn followed by the industrials sector with 12% among other sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- Saudi was IPO king of 2023<\/strong>, dominating issuances in the GCC with 35 of 46 IPOs tracked separately by <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/915.pdf\" style=\"\" rel=\"noopener\">Kamco Invest (pdf)<\/a> in January. The figure includes listings on both Tadawul\u2019s main market as well as Nomu. The UAE led the region last year in terms of total IPO proceeds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As for the pipeline? There\u2019s lots more where that came from:<\/strong><\/p>\n<ul>\n<li>Electronics retailer Extra plans to IPO the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4d7acf46-b21b-42c1-88f1-f8d75b9351ec\" style=\"\" rel=\"noopener\">unit that owns and operates<\/a> Tasheel, its consumer finance arm, on Tadawul. The transaction is expected to hit the market this fall.<\/li>\n<li>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3d75d0fd-d0a0-4895-b172-47f4136a04ce\" style=\"\" rel=\"noopener\">Fourth Milling Company (MC4)<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/94d96193-5208-4a19-99a7-93a1a625fa13\" style=\"\" rel=\"noopener\">Arabian Mills Food Products<\/a> have been cleared by the CMA for share sales on Tadawul;<\/li>\n<li>Hotels and resorts operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c8620363-c996-408b-8d01-914668fdbb63\" style=\"\" rel=\"noopener\">Boudl<\/a> has said it intends to go public;<\/li>\n<li>Singapore\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/927c9005-50b0-4a1f-b4e5-599628a82d8b\" style=\"\" rel=\"noopener\">Olam Group<\/a> is mulling the IPO of its Olam Agri subsidiary on Tadawul;<\/li>\n<li>Hypermarket operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eaeb2656-fa3e-4e48-8d21-772adfd9470f\" style=\"\" rel=\"noopener\">Lulu<\/a> is said to be eyeing a dual listing on Tadawul and ADX;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/78df2631-68ae-4b15-86cd-59bab3c278b7\" style=\"\" rel=\"noopener\">Aster DM Healthcare<\/a> looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;<\/li>\n<li>Perfume maker <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/acfb93b7-3303-41eb-ab39-7e6ef6f8bebc\/\" style=\"\" rel=\"noopener\">Arabian Oud<\/a> is said to have appointed bankers ahead of a share sale;<\/li>\n<li>PIF-backed lender Riyad Bank is considering the listing of its investment banking arm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/291a8d44-0629-42f6-ae3b-2f9c2eb7bcbd\" style=\"\" rel=\"noopener\">Riyad Capital<\/a> ;<\/li>\n<li>Budget airline <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e299d7ad-c3f0-4533-bc3f-4dfb58ab2eb4\/\" style=\"\" rel=\"noopener\">Flynas<\/a> is reportedly looking to go public this year;<\/li>\n<li>Plastics products maker <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5168255e-bfdf-48fc-9605-f06715ac8b54\" style=\"\" rel=\"noopener\">ASG Plastic Factory<\/a> ia taking a 10.6% stake to Nomu;<\/li>\n<li>Local contractor <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2e12d389-1c94-41f8-8dd6-4da8e5aa966f\" style=\"\" rel=\"noopener\">Al Ashghal<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2e12d389-1c94-41f8-8dd6-4da8e5aa966f\" style=\"\" rel=\"noopener\">Almoysra<\/a> is set to debut a 20% stake on the parallel market.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PIF PREPARING NUPCO FOR IPO?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Public Investment Fund (PIF) has reportedly tapped SNB Capital, JPMorgan Chase, <\/strong><strong>and Morgan Stanley <\/strong>for the planned IPO of its medical procurement firm <a target=\"_blank\" href=\"https:\/\/www.nupco.com\/en\/\" style=\"\" rel=\"noopener\">Nupco<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-15\/saudi-arabia-wealth-fund-pif-picks-jpmorgan-morgan-stanley-for-nupco-ipo\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported yesterday, citing sources it says are familiar with the matter. The offering could take place this year, the sources said. It is expected to raise less than USD 1 bn, Bloomberg <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1c55c7a4-ce77-4a0c-a7bd-1ad23a8256e0\" style=\"\" rel=\"noopener\">reported earlier<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s Nupco? <\/strong>Established in 2009, Nupco is one of the Kingdom\u2019s largest medical procurement companies. It supplies supplementary medical and medical devices to the health ministry, university hospitals, and others.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dr Soliman Abdulkader Fakeeh Hospital\u2019s IPO was the largest offering on Tadawul in 1H 2024<\/p>\n","protected":false},"author":1,"featured_media":87884,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[2419,10,29,2383,369,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-kuwait-financial-centre-markaz","tag-nomu","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"36190f1d-2ecf-442c-a4a1-30dc0aea3fa0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1196.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi tops Gulf IPO league table with USD 2.1 bn in proceeds in 1H 2024","related_issue":[87878],"teaser":"Dr Soliman Abdulkader Fakeeh Hospital\u2019s IPO was the largest offering on Tadawul in 1H 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.2a029fd8-b7c2-4967-b3d9-49c0a556c35d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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