Ten initial public offerings in Saudi Arabia and the United Arab Emirates recorded combined proceeds of $1.2 billion in the first quarter of 2024, indicating that IPO activity in the Mena region continued to pick up steam.
The EY Mena IPO Eye Q1 2024 report states that Saudi Arabia led listing activity with nine IPOs during the quarter, while the UAE’s Parkin Company raised the largest proceeds in the region for the quarter at $429 million.
Of the total IPO value, 37.2% came from Parkin’s IPO. With the largest first-day gain among the quarter’s listings at 35%, the IPO was oversubscribed 165 times.
After Salik and the Dubai Taxi Company (DTC), this is the third asset owned by the Roads and Transport Authority (RTA) to go public.
Apart from the spinneys IPO in the second quarter, LuLu Group and Etihad Airways are two major upcoming listings in the UAE in 2024.
According to Gregory Hughes, head of EY Mena’s IPO division, the year has started off well with no signs of a slowdown in IPO activity. “The Parkin Company’s successful listing on the DFM showed a continued commitment to the privatisation programme of the Dubai government, which includes listing state-owned companies as part of the country’s economic diversification drive.”
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