13 Jan 2025

Saudi Arabia ranks 7th globally in IPO proceeds, leads GCC region

RIYADH: Saudi Arabia led the Gulf Cooperation Council’s initial public offerings market in 2024, earning a global ranking of seventh in total IPO proceeds, according to the latest report from Kamco Invest. 

The Kingdom accounted for 42 of the 53 IPOs in the GCC last year, significantly outpacing its regional peers and aligning with expectations to maintain its leadership in the coming year.

 

The surge in listings highlights Saudi Arabia’s dominant position in the regional capital markets and its role as a key driver of IPO activity across the GCC. 

The figure represents a sharp increase from 46 IPOs across the GCC in 2023, underscoring continued investor interest and market dynamism.

GCC issuers collectively raised $12.9 billion in 2024, a 19.8 percent increase from $10.8 billion in 2023, despite global IPO markets experiencing their weakest performance since 2009. 

Within the GCC, Saudi companies contributed $4.1 billion, amounting to 31.6 percent of total regional proceeds. 

While the UAE led in terms of proceeds with $6.2 billion, its share of GCC IPO proceeds dropped from 56.3 percent in 2023 to 47.8 percent in 2024. 

Oman ranked third, with state-backed privatizations raising $2.5 billion, or 19.3 percent of total GCC proceeds.