Tadawul’s first IPO of the year shrugs off market jitters: Riyadh-based miner Saleh Abdulaziz Al Rashed’s stock gained 14.4% on day one of trading, closing at SAR 51.50 even as markets continue to navigate the geopolitical fallout from the Iran war. Some 5.9 mn shares traded between a high of SAR 54.20 and a low of SAR 46.96 on the main market.

ICYMI- The IPO — Tadawul’s first of the year, following a bruising 2025 for Saudi equities — raised SAR 251 mn in proceeds through the sale of a 30% stake in the company in a secondary share sale.

The offering was priced more than two weeks before the conflict erupted, locking in investor demand before the Iran war inflated risk premiums. Furthermore, Saudi equities are holding relatively well, with TASI up 2% since the war started, as higher oil prices propped up Tadawul’s biggest blue-chip: Aramco. Morgan Stanley said it was overweight on Tadawul stocks earlier this week.

It could be a while before we see another IPO: Chiro Ghosh, group head of research at Sico Bank, told EnterpriseAM earlier this week that Sico was advising clients to abandon the April-June listing window. With geopolitical risk pushing investors to demand higher premiums, 1H listings are becoming increasingly unattractive for issuers, with momentum building toward 2H 2026 and early 2027, Mustafa Fahim, a senior investment banker added.

ADVISORS- ANB Capital quarterbacked the transaction as financial advisor, lead manager, bookrunner, and underwriter. Receiving agents for the offering included ANB Capital, Alinma Capital, Saudi Fransi Capital, Al Rajhi Capital, Riyad Capital, Albilad Investment, Al Jazira Capital, Alistithmar Capital, Derayah Financial, SNB Capital, Yaqeen Capital, Al Khabeer Capital, Sab Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes KSA, Awaed Alosool Capital, and Dinar Investment.

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