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Saudi Arabia Ranks 7th Globally in IPO Proceeds Leading the GCC Region in 2024

Prime Highlights:

Saudi Arabia accounted for 42 of 53 IPOs in the GCC in 2024.

The Kingdom raised $4.1 billion, representing 31.6% of total GCC IPO proceeds.

Key Background:

Saudi Arabia emerged as a leader in the Gulf Cooperation Council’s (GCC) initial public offerings (IPOs) market in 2024, securing a global ranking of seventh in terms of total IPO proceeds, according to a recent report by Kamco Invest. The Kingdom’s strong performance in the IPO market is underscored by its significant contribution, accounting for 42 of the 53 IPOs in the GCC region last year, surpassing all other regional markets. This robust activity positions Saudi Arabia to maintain its leadership in the GCC IPO market moving forward.

The total IPO proceeds raised by GCC issuers in 2024 amounted to $12.9 billion, reflecting a 19.8% increase from the previous year’s $10.8 billion. Despite a challenging global IPO environment, which saw the weakest performance since 2009, the GCC demonstrated notable resilience. Within the region, Saudi Arabia raised $4.1 billion, representing 31.6% of the total proceeds, making it a key player in the GCC’s IPO landscape.

Although the UAE led in IPO proceeds with $6.2 billion, its share of the regional IPO market declined from 56.3% in 2023 to 47.8% in 2024. Oman, with significant state-backed privatizations, ranked third with $2.5 billion in proceeds, contributing 19.3% to the total.

In Saudi Arabia, the majority of IPOs took place on the Nomu-Parallel Market, which hosted 28 listings, while 14 IPOs occurred on the main market. Notable IPOs included Dr. Soliman Abdel Kader Fakeeh Hospital, which saw an overwhelming response with an oversubscription rate of 119 times, as well as listings from Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing. These IPOs highlighted strong investor demand, driven largely by a local investor base, and showcased the resilience of Saudi Arabia’s capital markets.

Looking ahead, Saudi Arabia’s IPO pipeline remains robust, with 31 IPOs expected in 2025. The Public Investment Fund (PIF) is expected to play a significant role in upcoming listings, including Saudi Global Ports, Nupco, and Tabreed District Cooling. Private companies, such as flynas, Tabby, and Ejada Systems, are also preparing to go public, further bolstering the Kingdom’s leadership in the regional IPO market.