Alramz logs steepest first-day drop on Tadawul this year

Alramz Real Estate logged the main market’s sharpest first-day decline this year, closing at SAR 60, 14.3% below its debut price. The session saw a high of SAR 69.75, with around 1.8 mn shares changing hands across 11.1k trades worth roughly SAR 118 mn, according to market data.

BACKGROUND- The developer priced its IPO at SAR 70 per share, after its institutional offering was 11.1x covered, drawing some SAR 10 bn in orders. At SAR 900.2 mn in proceeds, Al Ramz is the eighth-largest main-market IPO of 2025, sitting just behind Nice One and ahead of United Carton Industries and Almasar Education.

The context

The slump extends a broader run of weak post-listing performances on the main market in 2025, following rare first-day gains of CGS and Almasar Education earlier this month.

The issue is in the timing, Saudi Economic Association’s Saad Althagfan told AsharqBusiness, adding that Alramz saw strong growth in income and revenues over the past quarters. Traders will wait for 4Q results to see if the company extends its bumper growth, Althagfan said.

• Alramz logged a net income of SAR 158.4 mn in 2024, up 25.1% y-o-y. Revenue was up 78.9% to SAR 951.8 mn during the same period.

📉 It’s a tough year for TASI: Tadawul’s benchmark is down roughly over 13% YTD, with softer oil prices and tighter liquidity weighing on risk appetite.

ADVISORS- SNB Capital quarterbacked the transaction as financial advisor, lead manager, bookrunner, and underwriter.

ALSO IN THE PIPELINE-

• The Capital Market Authority (CMA) most recently signed off on Al Andalus Educational ’s plan to float a 30% stake on Tadawul;
• Nomu-listed Qomel’s board approved its transition to the Tadawul’s main market, appointing Estidamah Capital as its financial advisor for the move;
• IT firm Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
• PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby are among companies that tapped banks for potential IPOs;
• F&B players Barns, Half Mn, Deemah, and Hashi Bashi were 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;
• Alternative hospitality platform Gathern, local contractor Mutlaq Al Ghowairi Contracting (MGC), fast delivery app Ninja, Meal subscription startup Calo, Emkan Finance, and Tamweel Aloula are all said to be considering Tadawul IPOs.