5 Biggest MENA IPOs of 2024

This year has been pivotal for MENA, marked by a series of high-profile IPOs that drew interest from local and international investors. Here’s a look at the five biggest IPOs that defined 2024.

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1. Talabat Holding (talabat)

IPO value: $2.029 billion

Market: Dubai Financial Market (DFM)

Sector: Q-commerce

In November 2024, talabat announced the completion of its $2.029 billion IPO on the Dubai Financial Market, with final offer price for its shares at $0.44, implying a market cap of $10.1 billion at listing. Having started in 2004 in Kuwait, and acquired by Germany's Delivery Hero in 2015, its record-breaking offering was upsized from 15% of the total issued share capital to 20%, offering over 4.7 billion shares, to accommodate the substantial demand from international, regional, and local investors that resulted in a double-digit oversubscription level. In the first nine months of 2024, talabat recorded $2.1 billion in revenues, a 32% y-o-y increase.

2. OQ Exploration and Production (OQEP)

IPO value: $2.025 billion

Market: Muscat Stock Exchange (MSX)

Sector: Oil and gas