According to the data, the UAE stock market has achieved nearly AED 21.3 billion in new market capitalization since the beginning of the year thanks to three new IPO.
This is in line with the market’s plans to double its market capitalization to around AED 6 trillion in the coming years.
IPOs and new listings have contributed to increasing market liquidity, enhancing the attractiveness of the investment market and strengthening the country’s financial market’s position as one of the most important financial and business centers in the world.
Alef Education Holding plc led the way with the first IPO on the Abu Dhabi Securities Exchange (ADX) in 2024, recording a market capitalization of around AED 9.45 billion.
Following a successful IPO that raised 1.89 billion dirhams through the sale of 1.4 billion shares, representing 20 percent of the company, Alif Education began trading at 1.35 dirhams per share. The IPO saw strong demand and was oversubscribed by 39 times its target, despite an increase in the allocation to retail investors from 8% to 10%.
Meanwhile, Parkin, Dubai’s exclusive operator of paid public parking, listed on the Dubai Financial Market (DFM) in March as its first listing of 2024, achieving a market capitalization of AED 6.3 billion. This is in line with Dubai’s Strategic Financial Market Development Initiative announced at the end of 2021.
Parkin’s listing attracted exceptional interest from UAE retail investors as well as international and regional institutional investors. Total subscription requests reached approximately AED 259 billion, exceeding the subscription amount by approximately 165 times.
This strong demand underlines investors’ confidence in Parkin’s growth strategy as a solid investment opportunity supported by Dubai’s stable economic performance and population growth.
Spinneys 1961 Holding plc’s market capitalisation reached AED 5.5 billion following a widely subscribed public offering which coincided with its listing on the DFM in May. The company attracted widespread interest from regional and international investors, including UAE institutional and retail investors. Total subscriptions reached approximately AED 71 billion.
Total subscriptions exceeded 64 times the offer size across all investor segments combined (excluding anchor investors), marking the highest demand and coverage for a non-sovereign IPO on the DFM in recent history.