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MENA IPO EYE Q4 2022
MENA IPO markets saw 20 IPOs in Q4 2022, raising approximately US$7.3b in proceeds during Q4 2022. The total number of MENA IPOs in 2022 was 51.
The MENA IPO Eye report analyzes IPO activities in the MENA region on a quarterly basis. It compares deals and volume to previous quarters, highlights recent developments, and notes key changes to regulations
In Q4 2022, MENA IPO markets continued their strong run, with 20 IPOs raising approximately US$7.3b in proceeds during Q4 2022. Americana Restaurants International PLC (Americana) was a first time dual offering and concurrent IPO on the Abu Dhabi Securities Exchange (ADX) and the Tadawul. In total, 30% of the equity was offered to raise US$1.8b in total proceeds. In Saudi Arabia, seven IPOs on the Tadawul Main Market raised US$4.7b during Q4 2022 — Saudi Aramco Base Oil Company (Luberef) with US$1.3b was the largest IPO during this period. Other IPOs on the Tadawul during this period included Arabian Drilling Company, Marafiq Power & Water Utility Co for Jubail & Yanbu, Riyadh Cables Group Company, Perfect Presentation For Commercial Service Company, and Al Saif Stores for Development & Investment Company.
Similar to Q3 2022, Q4 2022 also saw some activity return to the wider MENA region, with the IPOs of Pearl REIF (raised US$60.7m) on the Muscat Stock Exchange, Akdital Holding S.A (raised US$75.6m) on the Casablanca Stock Exchange and Assurances Maghrebia Vie S.A (US$14.6m raised) on the Tunis Stock Exchange.
This brings the total number of MENA IPOs in 2022 to 51. Total proceeds raised for MENA IPOs in 2022 were approximately US$22.0b. MENA IPO 2023 activity looks positive, with a number of companies announcing their listing plans across the region.