Press release

10 May 2023 Dubai, AE

MENA IPO momentum continues into 2023 with 10 IPOs raising US$3.4b in Q1 2023

Dubai – 10 May 2023: According to the EY MENA IPO Eye Q1 2023 report, IPO activity in the MENA region retained strong momentum despite the weaker global sentiment. The quarter saw 10 IPOs with the combined proceeds of US$3.4b. This represents a 33% drop in the number of listings and a 14% decrease in value compared with Q1 2022.

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.

Related topics IPO
  • The quarter marked a 33% drop in volume and a 14% decrease in value compared with Q1 2022
  • The mega IPO of ADNOC Gas PLC raised US$2.5b—the highest proceeds globally for the quarter
  • Saudi Arabia dominated listing activity with six IPOs, two direct listings and one REIT Fund

According to the EY MENA IPO Eye Q1 2023 report, IPO activity in the MENA region retained strong momentum despite the weaker global sentiment. The quarter saw 10 IPOs with the combined proceeds of US$3.4b. This represents a 33% drop in the number of listings and a 14% decrease in value compared with Q1 2022.

Globally, Q1 2023 saw a total of 299 IPOs, raising US$21.5b — a 61% decrease in volume year-on-year (YoY). This follows the trend for 2022, when IPO-bound companies and investors faced ongoing macroeconomic and geopolitical uncertainties, exacerbated by stress in the global banking system. IPO windows are short, and funding conditions are getting tougher, with investors prioritizing value over growth.

The MENA region, however, remains buoyant, with a promising pipeline for the rest of the year, driven by various enabling initiatives, such as the Abu Dhabi IPO Fund (ADIPOF). Six companies in the Kingdom of Saudi Arabia (KSA) have announced their listing plans on the Saudi Exchange (Tadawul) Main Market. These include Ghida Al-Sultan Company, Foods Gate, MeyarConstruction Co., Saudi Lime Industries Company, First Mills Company and HyperPay.

Volatility experienced in the MENA equity market during 2022 continued into Q1 2023 due to rising interest rates, inflation concerns, unexpected global banking turbulence and geopolitical uncertainties, which has impacted investor sentiment. At the end of the quarter, six out of the 10 MENA IPOs had a positive return compared to their IPO price, with Presight Al Holding PLC achieving the highest gain of 146.3%.

Brad Watson, EY MENA Strategy and Transactions Leader, says:

“Q1 2023 proved MENA IPOs continue to go against global trends in these uncertain economic times, building on the momentum from last year. 2023 shows a healthy pipeline across the region, with several initiatives to support private and government entities on their path to IPO.”

Saudi Arabia continues to lead the way

Once again, KSA was the frontrunner in listing activity in Q1 2023. This included six IPOs on the Nomu – Parallel Market with proceeds of US$0.7b as well as one Real Estate Investment Trust (REIT) raising US$0.1b. The IPOs came from a range of companies spanning diverse sectors, including Leen Alkhair Trading Co., Horizon Foods Co., Nofoth Food Products Co., Waja Co., BENA Steel Industries Co., Knowledge Net Co. and Alinma Hospitality REIT Fund. There were also two direct listings on the Nomu by Balady Poultry Co. and Alqemam for Computer Systems Co.

The UAE sees the world’s largest IPO for the quarter

In the United Arab Emirates (UAE), Abu Dhabi Securities Exchange (ADX) had the largest IPO of the quarter globally, with ADNOC Gas PLC raising US$2.5b. The IPO was oversubscribed 58 times, with its first closing day share price trading 19% higher than its listing price of AED2.37. This is the sixth company listed by the ADNOC Group, which continues the trend into 2023 with further announcements. In addition, Presight AI Holding PLC, an ADX-listed data analytics company, raised US$0.5b with the second IPO from G42's portfolio, which was oversubscribed 136 times.

Wider region witnesses moderate IPO activity

Other regional exchanges also saw IPO activity in Q1 2023. The IPO of Abraj Energy Services SAOG, Oman’s largest oilfield services provider, raised US$0.2b on the Muscat Stock Exchange (MSX) and was oversubscribed 8.7 times in the MENA region. In addition, the Qatar Stock Exchange (QSE) welcomed a direct listing by Damaan Islamic Insurance Company.

Despite the continued devaluation of the Egyptian pound, the Egypt Stock Market (EGX30) finished the quarter with a 12.5% gain, reinforcing its status of the Middle East’s best performer.

Gregory Hughes, EY MENA IPO and Transaction Diligence Leader, says:

“Despite the 33% YoY decline in the number of IPOs in Q1 2023, MENA IPO and trading activity remained robust, proving the strength of investor confidence in the region against global financial headwinds. Saudi Arabia is still the most active market in terms of volume, while the largest IPOs continue to be dominated by the energy sector. Q2 2023 is already off to a strong start with a number of announced regional listings.”

The UAE has already witnessed its first IPO of Q2 2023, with Al Ansari Exchange listing on the Dubai Financial Market (DFM) on April 6, 2023, raising US$0.2b in proceeds. Furthermore, ADNOC has announced its second listing for this year with the plan to sell a 15% stake in its logistics and shipping unit in an IPO. Elsewhere in the region, MEEZA, a technology services provider in Qatar, is also expected to list in Q2 as the first company in the country to use the book-building mechanism to set the IPO price.


About EY

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today.

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 individuals’ rights under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit

The MENA practice of EY has been operating in the region since 1923. For over 98 years, we have grown to over 7,500 people united across 21 offices and 15 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.

© 2023 EYGM Limited.
All Rights Reserved.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal 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.