RIYADH: According to an analysis, Saudi Arabia will lead the Middle East and North Africa region’s initial public offerings in 2024, with 27 companies planning to list on the Kingdom’s main market.
In its most recent report, Dubai International Financial Center, in collaboration with the London Stock Exchange Group, stated that the MENA region’s IPO pipeline appears promising this year. Several companies have postponed their listings from 2023 to early and mid-2024 in anticipation of better market conditions.
“Deals will be driven mainly by Saudi Arabia, where 27 companies have expressed intent to list on the Saudi Exchange (Tadawul), in addition to expected follow-on issuances from Aramco and Savola,” DIFC stated.
The growing trend of public and private enterprises looking to list publicly has spurred global investment banks to broaden their advisory and underwriting services in the emirate. These emerging investment prospects are consequently drawing a wave of private capital, accompanied by wealth and asset managers to oversee these investments,” said Najjar. According to the analysis, IPO activity in 2024 will depend largely on global economic stability and a positive track record for recent post-IPO performances.
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