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Greg Hughes

10 May 2023 PDF
Categories IPO

MENA IPO markets saw 10 IPOs during Q1 2023, raising US$3.4b in proceeds. During this period, the proceeds raised decreased by 14%, while the number of IPOs decreased by 33% as compared with Q1 2022.

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 Q1 2023, MENA IPO markets saw 10 IPOs raising US$3.4b in proceeds, with ADNOC Gas PLC raising US$2.5b. Saudi Arabia dominated the region’s IPO activity in terms of the number of listings in Q1 2023 with six IPOs on the Tadawul (Nomu) parallel market with proceeds of US$0.7b and a Real Estate Investment Fund (REIT) raising US$0.1b.

Total proceeds raised in Q1 2023 decreased by 14%, while the number of IPOs decreased by 33% compared with Q1 2022. Globally, in Q1 2023, 299 IPOs raised US$21.5b, a 61% decrease in funds raised y-o-y. This follows the trend for 2023 in which IPO-bound companies and investors faced persistent macroeconomic and geopolitical uncertainties, worsened by stress in the global banking system. Despite the weaker global sentiment, the MENA region remains buoyant.

Other IPOs in the MENA region included Presight AI Holding PLC, Abraj Energy Services SAOG, 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.

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