Gulf IPOs raise $12.1 billion in 2024 amid investor optimism

Gulf initial public offerings (IPOs) raised a total of $12.1 billion in 2024, showcasing robust activity across sectors such as retail, healthcare, energy, and financial services.

These listings deepened and diversified the region’s stock markets, with high subscription levels reflecting strong investor appetite for both oil and non-oil Gulf economies.

According to London Stock Exchange Group (LSEG) data, 48 IPOs were launched across the six Gulf Cooperation Council (GCC) countries. Saudi Arabia led with 38 IPOs, followed by the UAE with seven, Oman with two, and Kuwait with one.

Collectively, these flotations raised $12.06 billion, with 21 IPOs generating at least $100 million each.

Key highlights of 2024 Gulf IPOs

Gulf IPOs in 2024 showcased significant sectoral diversification, with 3 IPOs in oil and gas, 4 in retail, 3 in food and beverage, and 4 in professional and financial services. This variety highlights the region's economic expansion and growing investor interest across multiple industries.

The biggest IPOs of 2024 included Talabat, an Abu Dhabi-headquartered and Dubai-listed company, which led the year by raising $2.03 billion through the sale of 20% of its shares. Oman’s OQ Exploration and Production followed, selling a 25% stake for $1.95 billion. Lulu Retail Holdings, based in Abu Dhabi, secured the third spot by raising $1.72 billion.

Saudi Arabia’s IPO performance in 2024 was highlighted by Dr. Soliman Abdulkader Fakeeh Hospital Co, which raised $764 million, making it the Kingdom’s largest IPO of the year. Out of the 38 IPOs in Saudi Arabia, 27 were listed on Nomu, Riyadh’s secondary market, with Fourth Milling Co leading this segment by raising $229 million.

Shifting dynamics in the IPO landscape

Two of the top three IPOs of 2024—Talabat and Lulu—were privately operated companies, signaling a shift from the traditional dominance of government-related entity listings.

Policymakers in the region appeared to moderate their reliance on state-backed IPOs, addressing investor concerns about oversupply in the market.

Meanwhile, private-sector deregulation and economic diversification are enabling businesses in leisure, healthcare, ecommerce, and transportation to attract investor interest with innovative offerings.