The UAE’s 2023 IPO listings 📈

Last year – thanks to huge initial public offerings (IPOs) from companies such as AD Ports Group, Borouge and DEWA – IPOs in the Middle East outpaced Europe for only the second time since the global financial crisis of 2009. What can we expect from 2023?

Each new company floating on the Abu Dhabi Securities Exchange (ADX) or Dubai Financial Market (DFM) will start life already meeting the 2021 quota for one woman per listed company board, set by the Emirates Securities and Commodities Authority in 2021.

So every new company listed brings one more woman to a UAE board – making news of IPOs a good place to look for board seats.

Dubai plans to list 10 state-owned companies this year, and boost the size of its financial market to about Dh3 trillion. Abu Dhabi says to expect at least eight IPOs in 2023.

[Find out more – Pathway20 board accelerator | NOORA corporate women’s network | Gateway for aspiring board directors]

All the IPOs announced in the UAE in 2023:

1. 1. Al Ansari
   2. ADNOC L&S
   3. ADNOC Gas
   4. Amanat Healthcare
   5. Dubai Taxi Corporation
   6. Emerging Marketing Property Group
   7. Presight AI

Key

• 📈 Under $1 billion raised
• 📈📈 Over $1 billion raised
• 📈📈📈 Over $2 billion raised

Al Ansari 📈

Al Ansari Financial Services, the UAE money and exchange company, listed on DFM in March. The family-owned company – the UAE’s largest exchange house chain – raised $210 million for 10 percent of the company.

[Full story about Al Ansari on The FT (subscriber)]

ADNOC Logistics & Services (ADNOC L&S) 📈

ADNOC L&S raised $769 million in an initial public offering for 19 percent of the business, listing on ADX in May. The company exports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.

[Full story about ADNOC L&S on Al Arabiya]

ADNOC Gas 📈📈📈

ADNOC sold five percent of its gas business and more than three million shares in March, when it listed on ADX. It raised $2.5 billion, in the world’s biggest IPO so far in 2023. The IPO was oversubscribed 58 times, with its first closing day share price trading 19% higher than its listing price of AED2.37.

[Full story about ADNOC Gas on The National]

Amanat Healthcare

Dubai-based healthcare and education investment firm Amanat Holdings confirmed in a June bourse statement that it is assessing monetisation options for its healthcare platform, including a possible regional IPO in the “near term”.

Amanat, which is listed on DFM, launched Amanat Healthcare in April, to consolidate its healthcare assets. They include Cambridge Medical and Rehabilitation Centre in the UAE and Saudi Arabia, Sukoon, a provider of long-term and post-acute care services in Jeddah, Al-Malaki Specialist Hospital in Bahrain and the real estate assets of CMRC in Abu Dhabi.

[Full story about Amanat Healthcare on Zawya]

Dubai Taxi Corporation

Dubai’s Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offering of its taxi business, two sources with knowledge of the matter told Reuters.

The RTA is targeting a potential public share sale of Dubai Taxi Corporation around December 2023 or January 2024, Reuters reported.

[Full story about Dubai Taxi Corp on Reuters]

Emerging Markets Property Group

Emerging Markets Property Group, the owner of expat listings site Dubizzle, may list in Dubai or Abu Dhabi this year, according to reports. The IPO would test investor appetite for startups in the country, Bloomberg reports.

[Full story about Emerging Markets Property Group on Bloomberg (subscriber wall)]

Presight AI 📈

Presight AI, a G42 company focused on data analytics and artificial intelligence, raised $496 million) from an IPO on ADX in March. It was the second IPO from G42’s portfolio, and was oversubscribed 136 times.

[Full story about Presight AI on Bloomberg (subscriber)]

Related: The UAE’s 2022 IPOs

[Find out more – Pathway20 board accelerator | NOORA corporate women’s network | Gateway for aspiring board directors]