Deals
Mideast IPO Momentum Faces Valuation Test After $13 Billion Year
- IPO rush seen extending into 2025, but valuations will be key
- Three of the year’s biggest Middle East deals saw tepid debuts
A Talabat delivery rider in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
A bumper pace of new share sales across the Middle East in 2024 is expected to continue next year, even though a few recent disappointing trading debuts have flashed warning signs on valuations.
Firms have raised $13 billion from initial public offerings in 2024, marking the Middle East’s second-best year since the pandemic. But unlike in previous years, buoyant early returns are no longer a given.