5 Largest IPOs in the MENA Region for 2024
This year has been important for the MENA region, with several big IPOs that attracted both local and international investors. Here’s a look at the five biggest IPOs of 2024.
1. Talabat Holding (talabat)
- IPO value: $2.029 billion
- Market: Dubai Financial Market (DFM)
- Sector: Quick-commerce (Q-commerce)
In November 2024, Talabat completed its $2.029 billion Initial Public Offering (IPO) on the Dubai Financial Market. The price of each share was set at $0.44, giving the company a total market value of $10.1 billion when it started trading. Talabat was founded in Kuwait in 2004 and was bought by Germany’s Delivery Hero in 2015. The IPO, which initially planned to sell 15% of the company’s shares, was increased to 20% due to high demand. They offered over 4.7 billion shares to meet the strong interest from investors locally, regionally, and internationally, leading to the shares being oversubscribed by a significant amount. In the first nine months of 2024, Talabat earned $2.1 billion in revenue, which was a 32% increase compared to the previous year.
2. OQ Exploration and Production (OQEP)
- IPO Value: $2.025 billion
- Market: Muscat Stock Exchange (MSX)
- Sector: Oil and Gas
In October 2024, OQEP, Oman’s government-backed energy company, made history with its $2 billion initial public offering (IPO). This was the largest IPO in Oman for 2024. The company sold a 25% share of its stock, which is about two billion shares. These shares were in high demand, with investors from both Oman and other countries, and were oversubscribed by 2.7 times. OQEP is the third company from the OQ Group to go public, after Abraj Energy Services and OQ Gas Networks. For the first nine months of 2024, OQEP reported a net profit of over $708.7 million and total assets of $4.8 billion.
3. Lulu Retail
- IPO value: $1.72 billion
- Market: Abu Dhabi Securities Exchange (ADX)
- Sector: Retail
In November 2024, Lulu Retail, a major retailer in the GCC region, launched its IPO worth $1.72 billion, the largest on ADX in 2024 so far. They offered 3.1 billion shares, which is 30% of the company, and the IPO was oversubscribed by over 25 times, with $37 billion in orders, not including cornerstone investors. The company plans to grow quickly, aiming to open 100 new stores in the next 3 to 5 years. In the first nine months of 2024, their profit grew by 157.5%, reaching $184.5 million, and their total assets were $5.4 billion. As of November 26, 2024, the founder and chairman, Yusuff Ali MA, had a net worth of $6.7 billion, according to Forbes.
4. NMDC Energy
- IPO Value: $877 million
- Market: Abu Dhabi Securities Exchange (ADX)
- Sector: Energy
In September 2024, NMDC Energy launched its $877 million IPO, showing strong interest in the region’s energy sector. The IPO was oversubscribed by 31.3 times (excluding cornerstone investors), attracting $24 billion in orders. The company offered 1.15 billion shares, which made up 23% of its total share capital.
For the first nine months of 2024, NMDC Energy reported a net profit of $246.1 million, up 122% compared to the previous year. Revenue also hit a record $2.7 billion, a 96.4% increase from 2023. This IPO came after the company secured a $254.6 million contract in July 2024 from ADNOC Gas for the next phase of the Estidama pipeline project.
5. Crédit Populaire d’Algérie (CPA Bank)
- IPO Value: $837.5 million
- Market: Algiers Stock Exchange
- Sector: Banking
In 2024, Algeria gained attention with CPA Bank’s IPO worth $837.5 million, completed in March. The state-owned bank sold 60 million shares (30% of its ownership) at $17 each. During the first stage, 81.6% of the shares were bought, making the next stages unnecessary. This IPO marks an important step for Algeria’s financial system as it works to modernize and attract global investors.
Published: 31th December 2024
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