The UAE was the top performer in terms of IPO value, generating $3.9 billion from four listings in the first nine months of 2023, Kuwait Financial Centre (Markaz) said in a new report released on Wednesday.

The IPO proceeds were, however, down 63% year-on-year (YoY).

The total value of GCC IPOs reached $6.8 billion through 29 offerings, marking a decline of 56% compared to $15.6 billion from 30 offerings a year earlier.

The Abu Dhabi Securities Exchange (ADX) listings saw the highest proceeds of $3.7 billion, while the two flotations on the Dubai Financial Market (DFM) raised $200 million.  

ADNOC Gas, a subsidiary of ADNOC, secured $2.5 billion in proceeds, emerging as the top IPO on ADX, surpassing Borouge, which raised $2 billion in June 2022.  

The Saudi Exchange (Tadawul) witnessed 23 IPOs, generating $2.4 billion. The proceeds were down 46% YoY.  

The Muscat Securities Market witnessed one IPO with total proceeds of $244 million during the first nine months of 2023.

The UAE expects 11 IPOs in 2023, raising upwards to $2 billion, Markaz said, adding other possible listings include OQ Gas Network, Mulkia Investment Company, Lana Medical Co., among others.

(Editing by Brinda Darasha;