The UAE financial markets witnessed 8 initial offerings of new public joint stock companies during the year 2023, which enhances their investment attractiveness and attracts a new segment of investors.
Amid record demand from investors, sovereign funds, and global investment portfolios, these offerings raised approximately 22.4 billion dirhams. According to data from the Dubai and Abu Dhabi financial markets.
Public IPOs were distributed in the UAE markets during the current year, with 6 IPOs, with a total value exceeding 20.4 billion dirhams, on the Abu Dhabi Securities Market, in addition to two IPOs on the Dubai Financial Market, namely Al Ansari Financial Services and Dubai Taxi.
The IPOs included Vertiglob, ADNOC Drilling, Alpha Dhabi, and Multiplay Group, as the new offerings pave the way for companies to begin their journey in the UAE markets.
ADNOC Gas came at the beginning of initial public offerings in the UAE financial markets this year, after it listed its shares on the Abu Dhabi market, in the largest initial public offering ever in the market. According to what was reported by the Emirates News Agency, WAM.
The offering raised total proceeds of 9.1 billion dirhams, achieving the strongest demand ever for an initial public offering in the UAE, with total demand, across all tranches, reaching more than 450 billion dirhams.
The BriSight AA Holding PLC offering achieved total proceeds of approximately 1.822 billion dirhams, recording exceptional levels of demand from investors, both ordinary and professional, and the initial public offering of the company’s shares was covered 136 times in total.
The initial public offering of Al Ansari Financial Services Group, which was listed on the Dubai Financial Market, raised about 773 million dirhams, through the sale of 750 million shares at 1.03 dirhams per share, making it one of the first family companies to have its shares listed in the country.
ADNOC Logistics and Services began trading its shares in the Abu Dhabi market at the beginning of last June, after completing the historic initial public offering, which witnessed exceptional demand. This made it the highest demand for an IPO in the world at the time, and the second largest listing in the Middle East and North Africa region, after the IPO of ADNOC Gas, and attracted a total demand from investors that exceeded 460 billion dirhams.
The shares of the Dubai Taxi Company were listed on the Dubai Market, the second public offering and listing in 2023, after witnessing great demand from international and regional investment institutions and individual investors in the Emirates.
The total demand for subscription reached more than 150 billion dirhams. Which means exceeding the expected subscription level by 130 times.
Trading in Investcorp Capital Capital Services shares began on the Abu Dhabi market last November, after completing its initial public offering, where it raised total proceeds of 1.66 billion dirhams with an implied market value of about 5.04 billion dirhams.
The Abu Dhabi market witnessed the listing of the Phoenix Group at the beginning of last December, and the subscription value for the group’s initial public offering reached $370 million.
It also received great interest from individual investors, as their demand exceeded by 180 times, and professional investors, who contributed to increasing the subscription by 22 times.
The Abu Dhabi market witnessed the listing of PureHealth Group, after its initial public offering raised 3.62 billion dirhams. It exceeds 483 times the segment allocated to individual investors, and 54 times the segment allocated to professional investors.
