HSBC has been named Euromoney’s best investment bank for equity capital markets (ECM) in the Middle East, in recognition of its sustained leadership and regional execution capability across the region’s most active markets.
The bank maintained a leading position in Middle East ECM in 2024, ranking first by deal value according to Dealogic, with a market share of 16.2%. The firm acted as global coordinator on all 10 of its ECM deals over the year, raising more than $19 billion in equity proceeds and generating over $330 billion in cumulative investor demand.
This included participation in eight of the region’s 13 largest equity transactions for the year – three times more than the next-ranked international competitor – across various sectors including energy, retail and utilities.
One of HSBC’s most prominent mandates was the $12.4 billion Aramco secondary offering, the largest ECM deal globally since 2021. HSBC helped secure strong demand, pricing the transaction above the bottom of the range and achieving the tightest discount ever for a Saudi follow-on (3.7%).
The bank also supported Oman’s largest IPO to date: the $2 billion listing of OQ Exploration and Production. HSBC acted as joint global coordinator and sole ESG structuring adviser, contributing to broad international investor participation in a transaction that represented around a quarter of the Muscat Exchange’s total market capitalisation.
HSBC was a key player in the UAE’s private sector IPO pipeline as well. It helped deliver the successful listings of both Lulu Group and Spinneys. The Lulu transaction attracted $37 billion in demand and was upsized from 25% to 30% of share capital, while the Spinneys IPO priced at the top of the range and included the first-ever use of a price stabilisation mechanism on the Dubai Financial Market.
Developing market infrastructure
In addition to transaction execution, HSBC has been active in developing ECM market infrastructure and deal structuring innovations
HSBC’s ECM franchise benefits from its deep local presence where it has the largest footprint of any international bank in the region. This enables it to deliver both domestic and cross-border execution with consistency.
Its investor distribution capabilities include access to the bank’s number-one ranked emerging markets sales desks in London and New York, and a MENA equity research platform that continues to be ranked highly by institutional clients. HSBC reportedly generated up to 85%–90% of onshore demand in certain Saudi IPOs in 2024, while also mobilising international cornerstone and institutional interest across key offerings.
In addition to transaction execution, HSBC has been active in developing ECM market infrastructure and deal structuring innovations. In 2024, the bank played a role in refining Saudi Arabia’s cornerstone investor frameworks and advised on timing ECM issuances to align with MSCI rebalancing schedules.
The firm also introduced new transaction mechanisms – such as the price stabilisation tool used in the Spinneys IPO on the Dubai Financial Market – and advised clients on adapting to evolving regulatory requirements in markets including Oman and Saudi Arabia.
Its team frequently operates across international and local allocation books simultaneously, particularly on complex dual-tranche offerings, enabling efficient investor targeting across jurisdictions.
HSBC demonstrated continued client support even in challenging conditions. In instances where peer institutions withdrew from complex mandates, the bank remained involved and helped bring those deals to market.
Clients note HSBC’s integrated approach, with senior syndicate, sales and research resources actively involved throughout each stage of the transaction. This commitment has helped build a strong reputation for consistency and follow-through, particularly in the context of regional privatisation programmes and sovereign-led IPOs.
With the continued focus on its equity capital markets capabilities in the Middle East, HSBC is well positioned to maintain its role in the region’s ECM development. Its combination of regional depth, international distribution reach and ability to operate across regulatory frameworks positions the bank to support both public and private sector issuers as they seek to access capital markets in the years ahead.
