The GCC region saw $5.2 billion in initial public offerings (IPOs) across 30 offerings in the first nine months of 2024, compared to 29 IPOs worth $6.8 billion in the same period last year.
According to a report by the Kuwait Financial Centre, the region witnessed 7 offerings in the third quarter of 2024, with a total value of 1.7 billion US dollars, an annual increase of 6%.
The report indicated that the United Arab Emirates topped the list in terms of total initial public offerings of Gulf stocks during the third quarter of the year, with a value of $1.1 billion, representing 69% of the total, followed by the Kingdom of Saudi Arabia with 6 initial public offerings worth $512 million, representing 31% of the Gulf total.
Abu Dhabi Securities Exchange recorded 69% of the total IPOs worth $1.1 billion in the main market, while the Saudi Tadawul market captured 31% of the total proceeds worth $53 million in the parallel growth market and $459 million in the main market.
Other markets in the region did not witness any share offerings during the third quarter of the year.
The energy sector accounted for 69% of the region’s total issuances in the third quarter of this year through a single subscription worth $1.1 billion, while the food and beverage sector witnessed subscriptions worth $271 million, constituting 16% of the total value of subscriptions during the period.
The consumer cyclical sector accounted for 11% of the value of the issues through a share offering worth $188 million, and the commercial and professional services sector witnessed 3 share offerings, which constitute 3% of the value of the subscriptions with an amount of $44 million.
According to the report, the materials sector witnessed a listing worth $9 million, which constitutes 1% of the total value of initial public offerings for Gulf stocks during the third quarter of this year.
