{"id":104029,"date":"2026-01-13T00:00:00","date_gmt":"2026-01-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=104029"},"modified":"2026-01-13T04:10:38","modified_gmt":"2026-01-13T04:10:38","slug":"the-gcc-ipo-party-took-a-breather-in-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/01\/13\/the-gcc-ipo-party-took-a-breather-in-2025\/","title":{"rendered":"The GCC IPO party took a breather in 2025"},"content":{"rendered":"

After a multi-year high, the region\u2019s IPO market came back down to<\/strong> earth last year. <\/strong>Total proceeds from public listings across the GCC declined 61% y-o-y to USD 5.1 bn in 2025, with the number of offerings also cooling to 40 from 53 the year prior, a recent report (pdf)<\/a> by Kuwait Financial Center (Markaz) showed. <\/p>\n

It was an all-Saudi show:<\/strong> The Kingdom accounted for a massive 79% of all IPO proceeds raised during the year (USD 4.1 bn), leaving the UAE a distant second with just 11% (USD 545 mn). Oman followed with the USD 333 mn raised from Asyad Shipping, accounting for 7% of the regional total, and Kuwait contributed the final 3% (USD 180 mn), also from a single IPO. <\/p>\n

The private sector did the heavy lifting: <\/strong>Unlike previous years dominated by massive state sell-downs, corporate issuers drove the market in 2025. Private companies accounted for USD 3.9 bn \u2014 or 76% of total proceeds \u2014 across 37 listings. Government-related entities raised the remaining USD 1.2 bn through just three offerings.<\/p>\n

Industrials claimed the top spot, raising USD 1.9 bn (37% of the total)<\/strong>, largely on the back of flynas\u2019 USD 1.1 bn listing on Tadawul. Real estate followed with USD 1.2 bn (23%) across seven IPOs, concentrated in Saudi Arabia with listings including Umm Al Qura and Dar Al Majed. Healthcare rounded out the top three, raising USD 508 mn (10%).<\/p>\n

Why it matters:<\/strong> Investors became significantly more discerning in 2025. While some listings like Ratio Specialty Company gained 190% post-IPO, the market punished perceived overvaluation. Several new listings, including Smoh Almadi and Service Equipment Co., ended the year down 60%, and the Saudi Tadawul index itself closed the year down 12.8%. <\/p>\n

What\u2019s next:<\/strong> The pipeline for 2026 is already stacking up. The slowdown looks to be temporary, with Markaz forecasting a rebound in activity driven by stable interest rates and a roster of big-ticket listings. The pipeline includes the long-awaited Etihad Airways listing on ADX, alongside Saudi medical procurement giant NUPCO and Oman India Fertilizer Co.<\/p>\n

** Want to go deeper into last year\u2019s performance?<\/strong> Check out our capital markets year in review reports for Saudi<\/a>, the UAE<\/a>, and Egypt<\/a>.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asia-Pacific markets are firmly in the green in early trading, buoyed by Japan\u2019s Nikkei, which is up more than 3% so far in its first trading day of the week after being closed for a holiday. The index is getting a boost from expectations that the country\u2019s leading party will move to call snap elections next month. South Korea\u2019s Kospi, China\u2019s CSI 300, Hong Kong\u2019s Hang Seng Index, and the Shanghai Index are all also trading up. Meanwhile, futures suggest a more muted open in Wall Street later today, with futures trading near the flatline. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

10,745<\/p>\n<\/td>\n

\n

+1.3% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,436<\/p>\n<\/td>\n

\n

+1.6% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

23,587<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

USD 3.75 Sell<\/p>\n<\/td>\n

\n

USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

4.25% repo <\/p>\n<\/td>\n

\n

3.75% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

43,404<\/p>\n<\/td>\n

\n

+1.2% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

10,008<\/p>\n<\/td>\n

\n

0.0% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

6,268<\/p>\n<\/td>\n

\n

+0.7% (YTD: +3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

6,977<\/p>\n<\/td>\n

\n

+0.2% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

10,141<\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

6,016<\/p>\n<\/td>\n

\n

+0.3% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 64.18<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.34<\/p>\n<\/td>\n

\n

-2.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,589<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 91,366<\/p>\n<\/td>\n

\n

0.0% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n

\n

924.09<\/p>\n<\/td>\n

\n

-0.2% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

151.71<\/p>\n<\/td>\n

\n

+0.1% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

15.12<\/p>\n<\/td>\n

\n

+4.4% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI <\/strong>rose 1.3% yesterday<\/strong> on turnover of SAR 5.1 bn. The index is up 2.4% YTD.<\/p>\n

In the green:<\/strong> SFICO (+10.0%), Naseej (+9.9%) and Dar Alarkan (+7.5%).<\/p>\n

In the red: <\/strong>Almasar Alshamil (-4.4%), SPM (-2.8%) and Tasheel (-2.4%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> fell 0.1% yesterday<\/strong> on turnover of SAR 23.8 mn. The index is up 1.3% YTD.<\/p>\n

In the green:<\/strong> Alhasoob (+8.6%), Mayar (+5.9%) and Saudi Top (+5.8%).<\/p>\n

In the red:<\/strong> Horizon Food (-8.1%), Molan (-8.0%) and Tharwah (-7.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The region recorded 40 IPOs during the year, down from 53 in 2024<\/p>\n","protected":false},"author":1,"featured_media":104030,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[2419,10,2637,59],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-104029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"8ed6b2b4-47d2-4378-9605-61878dd8dd5d","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/1\/362.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The GCC IPO party took a breather in 2025","related_issue":[104012],"teaser":"The region recorded 40 IPOs during the year, down from 53 in 2024"},"yoast_head":"\nThe GCC IPO party took a breather in 2025 - 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