Saudi Arabia continued to lead initial public offerings in the Gulf Cooperation Councill region in 2023, with 35 out of the 46 IPOs occurring in the Kingdom.
Saudi Arabia’s parallel market, Nomu, witnessed 27 IPOs in 2023, while the Tadawul All Share Index saw eight deals, according to research by KAMCO Invest.
UAE continued its domination in terms of IPO proceeds, raking in almost 56.3 percent of the issuance proceeds at around $6.07 billion from its eight listings.
According to the report, proceeds from GCC issuers in 2023 dropped by 54 percent to $10.79 billion from $23.38 billion in 2022.
“Although issuance numbers were driven by smaller-ticket IPOs, post-listing performance from larger names was largely positive,” said KAMCO Invest. It added: “Solid performances from larger stocks were backed by clear signaling and IPO pitches from companies and investment bankers about either growth prospects which drove solid price appreciation or strong dividend yields.” The report further noted that the largest IPO from the region was ADNOC Gas, which supplies around 60 percent of the UAE’s natural gas requirements.—AN
