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.

Looking ahead: 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.

Global IPOs rebound: 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.

TASI

11,656

-0.8% (YTD: -3.2%)

MSCI Tadawul 30

1,517

-1.0% (YTD: +0.5%)

NomuC

25,017

0.0% (YTD: -20.5%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

38,268

+0.1% (YTD: +28.7%)

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 110,065

0.0% (YTD: +17.8%)

Sukuk/bond market index

918.98

-0.1% (YTD: +1.9%)

S&P MENA bond & sukuk

152.05

-0.2% (YTD: +8.7%)

VIX (Volatility Index)

17.44

+3.13% (YTD: +0.52%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.8% on Thursday on turnover of SAR 7.9 bn. The index is down 3.2% YTD.

In the green: Arabian Drilling (+10.0%), Alistithmar Reit (+7.8%) and Bupa Arabia (+7.8%).

In the red: Alrajhi (-3.9%), DWF (-3.0%) and Nama Chemicals (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC closed flaton Thursday on turnover of SAR 32.4 mn. The index is down 20.5% YTD.

In the green: Future Vision (+22.3%), Amwaj International (+10.0%) and Apico (+8.8%).

In the red: Sure (-7.7%), Meyar (-7.0%) and Taqat (-5.9%).

CORPORATE ACTIONS-

Anaam International Holding Group submitted a request to the Capital Market Authority to raise its capital by SAR 105 mn through a rights issue, it said in a disclosure to Tadawul. The plan would increase the company’s capital from SAR 315 mn to SAR 420 mn by issuing 10.5 mn shares at SAR 10 each.

Asas Makeen Real Estate’s board recommended raising its capital from SAR 100 mn to SAR 300 mn by issuing bonus shares, it said in a disclosure to Tadawul. Shareholders will receive two new shares for every existing share, with the SAR 200 mn increase funded from retained earnings.

Tags: