Investors could soon find it easier to access Tadawul’s parallel market Nomu, while issuers would face tougher valuation requirements under draft amendments published by Tadawul, according to a statement. The proposed changes would, if approved, introduce a broader category of qualified investors on Nomu, raise the minimum market value for publicly held shares, revise aggregate market cap requirements, and clarify the listing treatment for demergers. The draft is now open for public consultation until Tuesday, 19 August 2025. Check out the proposed draft here (pdf).

More doors open for qualified investors: The amendments defined qualified investors on Nomu, including institutional investors, discretionary clients, foreign investors, and legal persons. It also includes individuals meeting any of the following:

  • SAR 30 mn+ in market transactions over the past 12 months;
  • Net assets of more than SAR 5 mn;
  • Three years’ experience in the financial sector;
  • CMA-recognized securities certification;
  • Relevant professional certification from an internationally accredited body;
  • Board members and committee members of Nomu-listed companies.

Companies listing on Nomu will need to meet both a reduced minimum float percentage and a higher float market value. At least 10% of shares must be owned by the public at the time of listing, down from a previous requirement of 20%, while publicly held shares must be worth no less than SAR 50 mn (compared to SAR 30 mn required previously). A minimum of 50 public shareholders is still required.

Aggregate market cap thresholds revised: At the time of listing, companies must satisfy this criteria:

  • The expected aggregate market value of all listed shares must be at least SAR 50 mn for IPOs (up from SAR 10 mn);
  • Direct listings require a minimum expected market cap of SAR 100 mn.

There’s now clearer requirements for demerger listings. The updated rules require that the demerged entity is clearly distinct from the issuer’s retained business, and that the issuer maintains sufficient operations and assets post-demerger to justify continued listing. Additionally, the demerged entity must be independently operational, with its own executive and administrative teams.

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