Markaz reports $5.2 billion in Initial Public Offerings in the Gulf region over 9 Months
The Kuwait Financial Centre (Markaz) issued its latest report titled “Initial Public Offerings in the Gulf Markets”, in which it was revealed that the region witnessed 7 offerings in the third quarter of 2024, with a total value of $1.7 billion, representing an increase of 6% compared to the third quarter of 2023.
During the first nine months of 2024, the value of offerings in the region amounted to $5.2 billion through 30 share offerings, compared to the same period in 2023, when the value of offerings amounted to $6.8 billion through 29 offerings.
The Markaz report indicated that the UAE topped the list of Total Initial Public Offerings for Gulf stocks during the third quarter, with an initial public offering worth $1.1 billion, representing approximately 69% of the total value of offerings during the period.
Whereas, Saudi Arabia witnessed 6 initial public offerings worth a total of $512 million, representing approximately 31% of the total value of initial public offerings for Gulf stocks during the third quarter of this year.
The energy sector accounted for approximately 69% of the region’s total issuances in the third quarter of this year through a single offering worth $1.1 billion, while the food and beverage sector witnessed $271 million, representing 16% of the total value of offerings during the period.
The consumer cyclical sector accounted for 11% of the value of issuances through a share offering worth $188 million, while the commercial and professional services sector witnessed 3 share offerings, which constitute 3% of the value of subscriptions amounting to $44 million, while the materials sector witnessed a listing worth $9 million, which constitutes 1% of the total value of Gulf IPOs in the third quarter.
