RIYADH: Saudi Arabia dominated the Middle East and North Africa initial public offering market in the second quarter of the year, raising $1.9 billion from 13 listings, as investor demand stayed resilient despite global uncertainty, EY said.
This accounted to 76 percent of the region’s total proceeds, which saw 14 IPOs in the second quarter that generated $2.5 billion, a 4 percent increase from the previous quarter, EY’s MENA IPO Eye report showed.
The largest was budget carrier flynas’s debut on the Saudi main market, marking 44 percent of the quarter’s proceeds. Specialized Medical Co. followed with $500 million, while United Carton Industries Co. raised $160 million.
Saudi Arabia’s domination in IPO activities in the MENA region comes amid broader financial reforms by the Kingdom’s Capital Markets Authority, which introduced new frameworks, including regulations for special purpose acquisition companies to expand funding avenues and enhance private-sector participation.
“Saudi Arabia continues to set the pace for IPO activity in the MENA region, attracting strong interest across multiple sectors,” said Gregory Hughes, MENA EY-Parthenon IPO leader.
