According to the latest report from The Kuwait Financial Centre, Saudi Arabia led the GCC IPO market in 2024, raising $4.1 billion through 42 listings, the highest number in the region.
The GCC saw IPO proceeds rise by 23% from 2023, totaling $13.2 billion across 53 listings. This growth marks a significant rise from the $10.7 billion raised through 46 listings the previous year.
Saudi Arabia contributed 31% of these proceeds, raising $4.1 billion making it the second-largest contributor after the UAE. It is expected to maintain strong IPO momentum, with over 50 IPOs expected in the next two years.
“Saudi Arabia’s IPOs, on both the main and parallel markets, recorded the highest performances post-listing compared to other GCC markets,” Markaz said.
The Tadawul main market hosted 14 IPOs, raising $3.8 billion, while Nomu had 28 IPOs, generating $297 million. Energy, consumer staples, and discretionary sectors dominated, with healthcare and industrials also contributing.