Initial public offerings (IPOs) in the UAE markets raised $890 million in the second quarter (Q2) of this year, according to a recent economic report.

The PwC Middle East’s latest IPO+ Watch said that notable IPOs in the second quarter included Alef Education on the Abu Dhabi Securities Exchange (ADX) with $515 million and Spinneys on the Dubai Financial Market (DFM) with $375 million, two of the largest IPOs in the UAE.

Saudi Arabia led IPO activity in the GCC region, raising $1.6 billion or 61% of the total IPO activity recorded in the region in Q2 2024.

According to the report, notable IPOs on the Saudi stock market during the quarter included the IPO of Dr Soliman Abdel Kader Fakeeh Hospital Company, which raised $763 million on the Tadawul stock exchange, while this quarter witnessed the first IPO on the Boursa Kuwait in two years, in which Beyout Investment Group Holding Company raised $147 million.

The report shows that IPO activity was seen across a diverse range of sectors this quarter, including Health Industries ($774 million), Consumer Markets ($530 million), Financial Services ($256 million), Energy, Utilities and Resources ($148 million), Industrials, Manufacturing and Automobile ($407 million), and Technology, Media and Telecommunication ($515 million).

The report noted that there was a large number of Sukuk issuances during the quarter, which raised more than $10 billion compared to $2.6 billion in the same period last year, indicating a strong appetite for Sharia-compliant financial products. – TradeArabia News Service