Jamjoom Pharmaceuticals Factory Company raised $336m, the highest raise on the Tadawul for the quarter, followed by First Milling Company SJSC which raised $266.4m. Both companies offered a free float of 30% of their share capital and were oversubscribed. In the UAE, the Abu Dhabi Securities Exchange (ADX) completed its largest IPO of the quarter with ADNOC L&S raising $769.5m. The IPO saw the largest demand globally for a transaction so far in 2023, with an oversubscription level of 163x in aggregate – the highest oversubscription for a UAE book-build IPO. On the Dubai Financial Market (DFM), Al Ansari Financial Services PJSC was the UAE's first family-owned company to be listed, raising $210.4m in proceeds. Brad Watson, EY MENA Strategy and Transactions Leader said: "The second quarter of 2023 confirmed that MENA IPOs are not experiencing the downward trend witnessed globally.