New IPOs add $73 billion to UAE bourses in 2023

UAE’s local equity markets attracted a new market capitalization during 2023 that exceeded AED 267 billion ($73 billion), thanks to a new initial offering, in line with market plans to double its market value to 6 trillion over the next three years from its current levels of more than AED 3.65 trillion.

The Abu Dhabi Securities Market accounted for AED 254.68 billion in new market capitalization, while the share of the Dubai Financial Market was AED 12.3 billion, according to Emirates news agency “WAM.”

ADNOC Gas came out on top, with its market value on the Abu Dhabi Securities Market listing reaching about AED 182 billion at a price of AED 2.37 per share, then “Purehealth” after adding about AED 36.2 billion at an offering price of AED 3.26 per share, followed by “ADNOC Supply and Services PLC” with a market value upon listing of approximately AED 14.87 billion at a final price of AED 2.01 per ordinary share.

Phoenix Group’s share capitalization at listing on the Abu Dhabi Securities Exchange was AED 9.07 billion, Precite AI Holding plc was AED 7.5 billion, and Investcorp Capital Capital Services was AED 5.04 billion.

On the Dubai Financial Market, Al Ansari Financial Services Group’s shares at listing had a market capitalization of AED 7.73 billion at an offer price of AED 1.03, while Dubai Taxi had a capitalization of AED 4.6 billion at a final offer price of AED 1.85 per share.

The IPOs and new listings have contributed to increasing the depth of the markets, enhancing their investment attractiveness, and attracting a new segment of investors, thus consolidating the position of the financial markets in the country as one of the most important financial and business markets in the world.