– GCC IPOs raised $1.7 billion in Q3 2024, with Abu Dhabi’s NMDC Energy leading the way by raising $1.1 billion for a 23% stake. 

– Saudi Arabia’s stock market saw the remaining IPOs, with Arabian Mills for Food Products securing $271 million for a 30% stake. 

– Upcoming IPOs include the UAE’s Lulu Hypermarket, expected to raise $1.8 billion next week, and Talabat’s anticipated listing on Dubai Financial Market in Q4. 

GCC IPOs raised a total of $1.7 billion, with the Abu Dhabi Securities Exchange (ADX) leading the quarter in Q3 2024. The largest IPO came from NMDC Energy, which raised $1.1 billion by offering a 23% stake.

Saudi Arabia’s stock markets hosted the remaining IPOs, with the biggest being Arabian Mills for Food Products, which secured $271 million for a 30% stake. No IPO activity occurred in other GCC stock markets, including Dubai, Bahrain, Oman, Kuwait, or Qatar.

While the value of IPOs increased by 6% year-on-year during Q3, the total raised over the first nine months of 2024 reached $5.2 billion from 30 offerings, down from $6.8 billion in 2023, which had 29 offerings.

The UAE’s Lulu Hypermarket announced recently it is expected to launch its IPO next week, potentially raising $1.8 billion. Additionally, Oman’s OQ Exploration and Production raised $2 billion last week, and Abu Dhabi National Hotels and Catering secured $235 million.

Three IPOs are projected for Saudi Arabia’s NOMU market in Q4, with two more lined up for the main market next year. Meanwhile, e-commerce and food delivery platform Talabat is expected to list on Dubai Financial Market later this year.