[Related: UAE IPOs 2025 | UAE IPOs 2023 | UAE IPOs 2022 | DEI – part of the ‘S’ and ‘G’ in ESG]
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📈 Under $1 billion raised
📈📈 $1 billion and over raised
📈📈📈 $2 billion and over raised
UAE-based education technology company Alef raised AED1.89 billion ($514 million) when it floated in mid-June on ADX.
Alef is indirectly majority owned by Abu Dhabi Capital Group, a private institutional investment company that has a multi-asset class portfolio across the MENA region.
The company provides artificial intelligence-powered learning and digital education resources to schools in the UAE, Jordan, Indonesia, Morocco and the US.
Its platform serves about 7,000 schools, with about 1.1 million registered students and 50,000 teachers.
Lulu Retail, one of the Middle East’s biggest hypermarket chains, raised $1.72 billion in November.
The IPO was oversubscribed more than 25 times, with the offering seeing aggregate demand of over AED 135 billion from local, regional and global investors.
The strong demand was a record for a non-government IPO over the last decade, according to Lulu.
Earlier in November, Lulu increased the size of the planned IPO to 30 percent from 25 percent due to high demand from foreign and regional investors.
Founded in 1974 by Indian businessman Yusuff Ali, Lulu joins other grocery firms that have listed, such as United Arab Emirates-based Spinneys earlier in 2024, and Saudi grocery retailer BinDawood Holding in 2020.
In September, NMDC Energy raised $877 million on ADX.
The company specialises in engineering, procurement and construction services for both offshore and onshore clients.
“Today marks a key milestone, not just for NMDC, but also for Abu Dhabi’s energy sector. Following a highly successful IPO, we are proud to list NMDC Energy on ADX and embark on an exciting new path forward,” Ahmed Al-Dhaheri, CEO of NMDC Energy, said.
Established in 1973, NMDC Energy – formerly National Petroleum Construction Co. – serves major clients like Abu Dhabi National Oil Co. and Saudi Arabian Oil Co.
In March, Parkin Company raised $429 million on DFM in the UAE’s first IPO of the year.
Parkin, owned by the Dubai Investment Fund, is the largest provider of paid parking in the UAE.
This is the third Roads and Transport Authority (RTA) asset to have listed after Salik and the Dubai Taxi Company (DTC).
Spinneys Holdings 1961 – the franchisee of the supermarket chain in the UAE and Oman – floated on DFM in May 2024, raising AED 1.38 billion ($376 million).
Spinneys Dubai operates more than 65 stores across the UAE, and operates at least seven stores in Oman.
Albwardy, which says it has annual turnover above $1 billion, also owns the franchise rights to British supermarket chain Waitrose.
Founded in the mid-1970s, it has a hospitality portfolio that includes several Four Seasons hotels and food distribution investments that include Nestle UAE.
Other sectors in Albwardy’s portfolio are industrial and engineering, commercial and insurance, agribusiness and properties.
In December Talabat, the Middle East subsidiary of Delivery Hero, raised $2 billion in the UAE’s largest 2024 listing.
Talabat sold more than 4.65 billion shares at AED1.60 ($0.44) per share.
The sale of a 20 percent stake represents a market capitalisation of around $10 billion.
Berlin-based Delivery Hero decided to increase the size of the offering from 15 percent after “robust demand”.
Launched in Kuwait in 2004, Talabat – which offers delivery of food, groceries and convenience retail – has operations in the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan and Iraq. In September, its platform had more than six million active customers, more than 65,000 participating restaurants, other groceries and retail vendors. It also had about 119,000 riders.
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