Saudi IPOs are top global performers and the market is ripe with potential, said financial experts at the Saudi Capital Market Forum in Riyadh.
Finlay Wright, Head of Equity Market Solutions, Middle East and Asia at Rothschild & Co, said: “We’re seeing lots of interest here after the Americana IPO. Strong macro conditions, confidence around structural changes, high quality IPOs and exposure of investors to new sectors will continue to drive growth.”
Alex Watkins, Co-Head of ECM EMEA at J.P. Morgan said: “Saudi IPOs are the best performing cohort of IPOs globally, with a median aftermarket performance of 20%.”
Saudi IPO market
Zaid Ghoul, Head of Investment Banking at SNB Capital, said: “There is a bullishness here, seeing Vision 2030 objectives being realised”.
Martin Thorneycroft, Managing Director, Head of Cash Equity Capital Market at Morgan Stanley, said opportunities are being driven by strong consumer confidence and a young population. He said: “We are bringing to market more consumer-led stories that will make the market more attractive to international investors.”
On the opening day of the Saudi Capital Market Forum Mohammed El Kuwaiz, Chairman, Capital Market Authority, reported there are 23 companies on the runway for IPO in 2023, having been approved by the Capital Market Authority, with almost 80 files currently under review.
There were 51 IPOs and combined proceeds of $22bn, EY said. It was an increase of 143% in the number of listings when compared to the 21 announced in 2021, and a 179% hike in value when compared to last year.
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