Al Ramz Real Estate eyes Tadawul IPO

Alramz Real Estate filed for an IPO on Tadawul’s main market, the firm’s CEO Haroon Al Rasheed told EnterpriseAM at the Aqarmap summit in Cairo yesterday. The property developer is currently waiting to secure Capital Market Authority (CMA) approval for the potential offering.

Delayed plans: The Riyadh-based firm scrapped plans to float a 10% stake (pdf) (3.3 mn shares) on Tadawul’s parallel market Nomu back in 2022 with a view to hit the market at a later stage, Argaam reported earlier.

The pitch: The company will rake in all of the proceeds from the sale and direct them towards developing its current projects and acquiring more land as part of its broader strategy to become the Kingdom’s fastest-growing real estate developer, Al Rasheed said.

Meet Alramz: Founded in 2016, Alramz develops residential, commercial and mixed-use companies across the Kingdom with units, projects and office spaces in Riyadh, Jeddah, Dammam, and Khobar, among others.

OTHER IPOS IN THE PIPELINE-

• PIF-backed budget air carrier Flynas’s institutional tranche sold out within minutes of opening last week;
• Specialized Medical Company’s institutional offering sold out within hours of opening ;
• United Carton Industries’ IPO retail tranche was 8.9x oversubscribed.
• Companies that have yet to move to the step beyond receiving the CMA approval include Ejada Systems, Marketing Home Group, Sport Clubs Company, and Dar Al Majed.
• Companies that tapped banks for potential IPOs include the PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, and Riyad Capital, as well as BNPL platform Tabby.
• Alramz Real Estate and Al Othaim Investment announced plans to float a 30% stake on Tadawul this year;
• F&B players Barns, Half Million, Deemah and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
• Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
• PIF-backed CloudKitchens is reportedly eyeing an IPO in the Kingdom or the UAE (or both);
• Meal subscription startup Calo is also said to be eyeing an IPO here at home by 2027.

**EDITOR'S NOTE: This story was amended on 21 May, 2025 to remove certain details regarding Alramz's potential IPO, which remain unconfirmed until receiving CMA approval for the offering.