Top 5 GCC IPOs by proceeds during H1 of 2024

The Gulf Cooperation Council (GCC) region’s IPO market has witnessed remarkable growth in the last few years. In its latest report titled ‘Initial Public Offerings (IPO) in the GCC markets’, the Kuwait Financial Center (Markaz) reveals that the GCC region raised total proceeds of $3.6 billion from 23 initial public offerings (IPOs) during the first six months of 2024. The report also spotlights the top five GCC IPOs by proceeds during the first half (H1) of 2024.

Top 5 GCC IPOs in H1 2024

Markaz’s report highlights the top 5 GCC IPOS by proceeds during H1 2024:

1. Dr. Soliman Abdulkader Fakeeh Hospital Company

The company raised a total of $764 million in proceeds, marking the largest IPO in H1 2024. The company offered 49.8 million shares, or a 21 percent stake, which was covered 119 times.

2. Alef Education

Alef Education’s IPO raised a total of $515 million in proceeds, making it the second-largest IPO in 2024 so far. The company offered 1.4 billion shares or a 20 percent stake. The offering was covered 39 times.

3. Parkin Company

Parkin’s IPO raised a total of $429 million in proceeds from offering 750 million shares or a 25 percent stake. The IPO proceeds constituted 12 percent of total GCC IPO proceeds during the period and were covered 165 times.

4. Spinneys Company

The Spinneys IPO raised $375 million in proceeds after the company offered 900 million shares or a 25 percent stake. The IPO was covered 64 times.

5. Modern Mills Company

Modern Mills’ IPO raised $314 million in proceeds through the sale of 24.5 million shares, or 30 percent stake. The IPO was covered 127 times.

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