MENA IPO outlook remains cautiously optimistic in Q3 2024

DOHA: According to the EY MENA IPO Eye Q3 2024 report, listings in the MENA region marked a significant year on year (YoY) increase in value at 76.8 p...

DOHA: According to the EY MENA IPO Eye Q3 2024 report, listings in the MENA region marked a significant year-on-year (YoY) increase in value at 76.8 percent.

The third quarter saw five IPOs in the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE) and Egypt with combined proceeds of $0.93b.

While the global IPO market overall experienced a mild slowdown during Q3 2024, the MENA market is still exhibiting a strong IPO pipeline.

An additional 11 private companies across various sectors as well as five funds intend to list on the MENA exchanges by the end of this year.

Gregory Hughes (pictured), EY MENA IPO Leader, says: “The third quarter of the year is typically quieter in terms of listing activity after the summer. However, the MENA region still witnessed five IPOs, including the first listing on the EGX since 2022. Saudi Arabia continues to lead IPO activity in the region. The Tadawul Nomu – Parallel Market has become an attractive option, offering improved fundraising opportunities for the Kingdom’s growing SME sector. For the MENA region, it is now the stock exchange with the highest number of IPOs in 2024.”