The MENA IPO market recorded its strongest performance since the global financial crisis during 9M 2025, according to EY Global’s latest IPO Trends report (pdf). The region (including Israel) saw 54 IPOs in the first three quarters of the year, raising USD 6.3 bn. The surge reflected continued diversification across sovereign wealth investment, energy, and technology-driven sectors as well as ongoing regulatory reform and active listing pipelines across the GCC.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

3Q 2025 saw 17 IPOs, generating a combined USD 1.1 bn in proceeds — up 38% in transaction count and 19% in value compared with the same quarter last year. Saudi Arabia continued to lead the region, accounting for nine listings — six on Nomu and three on main market Tadawul — with total proceeds reaching USD 646.5 mn. The largest of these was Dar Al Majed Real Estate, which raised USD 335.8 mn on the main market Tadawul. Saudi’s market capitalization stood at USD 2.7 tn.

Saudi IPOs this year are concentrated in real estate, industrials, retail, hospitality, and construction, compared to 2024 when healthcare, transport, and mobility were in the lead, EY MENA IPO Leader Gregory Hughes said.

Despite macro headwinds, several IPOs are expected to come to market in the next six months, signaling an active pipeline, EY said. On Saudi, Hughes added that despite KSA’s weakened fiscal position, we can still expect a healthy pipeline in 4Q 2025.

Worldwide, IPO activity rose to 914 listings in 9M 2025, raising USD 110.1 bn, up 41% y-o-y in proceeds. 3Q alone saw 370 IPOs raising USD 48.2 bn, an 89% increase y-o-y. The US, India and China remain the three largest markets by volume and proceeds, EY said. The report described the rest of 2025 and early 2026 as “a period of gradual re-opening rather than a straight-line rebound,” adding that well-prepared issuers with solid fundamentals and transparent business cases are most likely to perform well.

EGX30

38,268

+0.1% (YTD: +28.7%)

USD (CBE)

Buy 47.16

Sell 47.28

USD (CIB)

Buy 47.19

Sell 47.29

Interest rates (CBE)

21.00% deposit

22.00% lending

Tadawul

11,656

-0.8% (YTD: -3.2%)

ADX

10,100

-1.1% (YTD: +7.2%)

DFM

6,059

-0.8% (YTD: +17.5%)

S&P 500

6,840

+0.3% (YTD: +16.3%)

FTSE 100

9,717

-0.4% (YTD: +18.9%)

Euro Stoxx 50

5,662

-0.7% (YTD: +15.7%)

Brent crude

USD 64.77

+0.6%

Natural gas (Nymex)

USD 4.12

+4.3%

Gold

USD 3,997

-0.5%

BTC

USD 110,000

+0.4% (YTD: +17.7%)

S&P Egypt Sovereign Bond Index

954.04

+0.1% (YTD: +22.7%)

S&P MENA Bond & Sukuk

152.05

-0.2% (YTD: +8.7%)

VIX (Volatility Index)

17.44

+3.1% (YTD: +0.5%)

THE CLOSING BELL-

The EGX30 rose 0.1% at Thursday’s close on turnover of EGP 6.1 bn (29.6% above the 90-day average). Regional investors were the sole net buyers. The index is up 28.7% YTD.

In the green: E-finance (+3.2%), Credit Agricole (+2.0%), and ADIB (+1.3%).

In the red: Beltone Holding (-3.6%), Qalaa Holdings (-2.7%), and EFG Holding (-2.3%).

Tags: