ADNOC boosts Middle East IPO activity as Saudi Aramco debates next moves
Amid an enduring global IPO slump, the Middle East continues to produce new listings in 2023 — headlined by Abu Dhabi’s national oil company ADNOC with the largest IPO globally of Quarter 1.
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Samuel Wendel
Senior Market Research Analyst, Al-Monitor
May 24, 2023
Amid an enduring global IPO slump, the Middle East continues to produce new listings in 2023. That’s headlined by Abu Dhabi’s national oil company ADNOC delivering Q1’s largest IPO globally, with its gas business raising $2.5 billion in March. Looking ahead, the region’s pipeline of potential issuances remains promising despite some signs this listing bonanza could be losing steam in Saudi Arabia. The kingdom’s main stock market didn’t register any key Q1 listings and news surfaced in May that Saudi Aramco was postponing the mega IPO of its trading arm until market conditions improve. Yet, as Aramco waffles on next moves, another state oil giant is powering regional IPO activity and there’s still ample potential for the Middle East to serve up more listings in 2023.