Alwazn Almithaly pulled the plug on its SAR 35.2 mn Nomu IPO, after the subscription period for a 15% stake closed last week. The reasons for shelving the offering remain unclear, despite the company having guided a SAR 75-78 price range.

The context

Not the first: Offerings from Dome International, AlKhaldi Logistics, Al Mozaini Real Estate, Rawabi Marketing were also pulled in 2025, highlighting the ongoing challenges for new listings in the current market environment.

  • Nomu saw a softening turnover in 3Q, as total value traded eased to SAR 2.05 bn, down from SAR 2.98 bn in 3Q 2024.

What do they all have in common? Moderate growth, concentrated ownership, thin liquidity, and business models still transitioning toward scale, George Khoury, head of research & education at CFI Financial Group Holding, told us.

Alwazn fits squarely within the group. It is a stable business meeting a market that now demands stronger growth visibility, clearer scalability, and a more differentiated equity story before committing capital, he added.

Investors are looking for momentum: Alwazn’s revenue grew 14% in 1H, but momentum remains steady rather than accelerating, Khoury said. Around 75% of sales are still anchored in the PoS channel, which expanded by just 4%, while faster-growing wholesale and online channels remain too small to materially change the revenue mix in the near term, he added.

That profile matters in a small-float IPO, where demand hinges on clear momentum and visible scalability, according to Khoury.

Is the parallel market IPO pipeline thinning?

We still haven’t heard from a bunch of IPO hopefuls. The Capital Markets Authority (CMA) had approved Quality Education Company’s request to list a 20% stake on Nomu in June. The regulator also approved IPOs for Afaq Al Arabiya for Transportation and Storage and Qudra for Communications and IT in March, though these approvals are valid for only six months and have likely expired.

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