Press release

12 Mar 2020 Dubai, AE

EY: Five MENA IPOs raise US$30.0b in Q4 2019

How the MENA IPO deals in Q4 2019 augmented in terms of volume and value

Press contact
Lamice Murshid

EY MENA Brand, Marketing and Communications Leader

Brand and communications strategist. Imaginative storyteller. Believer in of the power of diversity as a key ingredient of creativity and innovation. Adventurous travel partner. Loving mother.

  • Global IPO activity saw 353 IPOs raising US$84.5b in Q4 2019
  • The listing of Saudi Aramco, with total proceeds of US$29.4b, was the largest IPO on record worldwide
  • Egypt lists third IPO of the year with Rameda, which raised US$108.7m

According to the EY MENA IPO Eye Report, IPO deal value in the MENA region witnessed a sizeable increase during Q4 2019 both in terms of deal volume and value, with five IPOs raising proceeds of US$30.0b, compared with the two IPOs that raised US$190m in Q3 2019.

Global IPO exchange activity also continued to pick up in Q4 2019, with 353 IPOs raising US$84.5b, marking an increase of 25% in IPO volumes compared with Q1 2019.

Matthew Benson, MENA Strategy and Transactions Leader, EY, says:
“Both the global market and the MENA market saw activity pick up during Q4 2019 – the trend over multiple quarters indicates a recent slowing down in overall IPO activity, however in the MENA region, this has been driven by the decline in REITs and Nomu listings in Saudi Arabia since 2017 and 2018, and IPO activity has remained broadly stable year-on-year.”

Aramco listing in Saudi Arabia the largest IPO on record

The Saudi Arabia Oil Company (Saudi Aramco) led the IPO activity by issuing 1.5% of its equity shares initially in a deal that raised US$25.6b. The value further increased after the oil giant issued 450m additional shares worth US$3.8b via a green-shoe option, taking the total proceeds to US$29.4b - or 1.7% of its shares. The deal made it, worldwide, the largest IPO on record by proceeds.

Kuwait lists first IPO since 2008

In Kuwait, Boursa Kuwait, formerly known as the Kuwaiti Stock Exchange, raised US$33.0m by issuing 50% of its own shares in October 2019. This was the first IPO in Kuwait since Kuwait Telecom Company raised US$98.0m in 2008.

Kuwait is the latest in the GCC market to join Emerging Market status. As it has met all the requirements, reclassification of the MSCI Kuwait Index from Frontier to Emerging Market status will happen as part of the May 2020 Semi-Annual Index Review.

Oman lists MPC IPO, loosens foreign investment restrictions

Musandam Power Company SAOG (MPC) led the IPO activity in Oman, by issuing 40% of its equity shares on the Muscat Securities Market in a deal that raised US$23.1m in November 2019.

Oman’s Capital Market Authority has approved the first prospectus of Aman REIT, which allows foreign investors to own real estate in the sultanate indirectly. Oman’s new Foreign Capital Investment Law awards investors incentives, privileges, and guarantees, which include 100% foreign ownership, minimal capital requirements, and no fundamental changes in the investment project without ministry approvals.

Qatar lists one IPO in 2019, raising US$395.6m

Baladna, a premium branded dairy and beverage company with a dominant market share of the Qatari dairy market, issued its shares on the Qatar Stock Exchange in December 2019, representing 75% of the share capital of the company. It was the only IPO in 2019 on the Qatar Stock Exchange and raised US$395.6m.

Egypt lists third IPO of the year, calls for the listing of military firms

Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) S.A.E., an Egyptian pharmaceutical company, was the third company to go public on the Egypt Stock Exchange in 2019. Rameda’s IPO was oversubscribed 117% and raised US$108.7m. The other two companies were Fawry, which made its trading debut in Q3 2019, and Speed Medical Company which listed in Q2 2019.

The Egyptian Government has called for the listing of its military firms on the Egyptian Stock Market in an effort to increase transparency. This will potentially raise several billion Egyptian pounds as part of the state privatization plan to raise funds for economic and strategic expansion.

Gregory Hughes, MENA IPO Leader, EY, says:
“Until the Saudi Aramco IPO, economic challenges continued to impact investor confidence in the region in 2019. Though the recent MSCI and FTSE inclusions, privatization drives, and government initiatives from GCC countries and Egypt are promising, both businesses and investors will be proceeding with caution during the first half of 2020.”


EY | Assurance | Tax | Transactions | Advisory

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via For more information about our organization, please visit

The MENA practice of EY has been operating in the region since 1923. For over 95 years, we have grown to over 7,500 people united across 21 offices and 16 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

© 2020 EYGM Limited.
All Rights Reserved.