The UAE is expected to sustain a strong presence in the GCC’s IPO market in 2025, with three announced IPOs and another three rumored, according to Kamco Invest’s recent report (pdf). The GCC as a whole is projected to see approximately 40 IPOs this year, with 30 announced IPOs, four mandated, and six rumored.

Listings in the pipeline for 2025:

  • ADQ is reportedly preparing a USD 1 bn IPO for Etihad Airways on the Abu Dhabi Securities Exchange (ADX) in 2025;
  • Alpha Data is reportedly planning a USD 200 mn listing on the ADX;
  • Dubizzle Group has tapped banks for a 2025 IPO on the Dubai Financial Market (DFM);
  • Hospitality group Five Holdings tapped advisors for a potential listing;
  • Amanat Holdings is planning to list its education and healthcare units;
  • Construction firm Alec and shisha producer Advanced Inhalation Ritual were also rumored to potentially IPO.

2024 in review: The GCC saw a notable uptick in IPO activity in 2024, recording 53 listings, up from 46 in 2023, with total proceeds reaching USD 12.9 bn, up 19.8% y-o-y. Despite challenges like high interest rates, declining oil prices, and geopolitical tensions, the region secured its second-highest IPO proceeds in five years, ranking fourth worldwide in total IPO proceeds.

The UAE led the GCC in IPO proceeds, raising USD 6.2 bn from seven listings in 2024. While this was slightly down from eight IPOs in 2023, it included major highlights like Talabat’s USD 10 bn listing on DFM, with parent company Delivery Hero raising USD 2 bn by selling a 20% stake. Another standout was Lulu Retail, which raised USD 1.7 bn, achieving a USD 5.7 bn market cap — the largest non-government IPO in the UAE in a decade.

The average listing size in the UAE was around USD 3.8 bn, significantly higher than the regional average of USD 598 mn. The UAE ranked fifth globally for IPO proceeds, while Saudi Arabia came in seventh.

IPO activity worldwide fell for the third straight year, with 1.2k IPOs raising USD 112.8 bn — a 1% dip in proceeds from 2023. While the Americas and Europe, Middle East, India, and Africa (EMEIA) regions posted growth, Asia-Pacific saw a decline as companies delayed plans amid market volatility and uncertainty.

Tags: