{"id":106423,"date":"2026-03-26T00:00:00","date_gmt":"2026-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=106423"},"modified":"2026-03-26T03:57:07","modified_gmt":"2026-03-26T03:57:07","slug":"this-morning-ipo-ambitions-hold-steady-against-valuation-markdowns-as-june-deadlines-loom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/03\/26\/this-morning-ipo-ambitions-hold-steady-against-valuation-markdowns-as-june-deadlines-loom\/","title":{"rendered":"THIS MORNING: IPO ambitions hold steady against valuation markdowns as June deadlines loom"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, all. <\/strong>We\u2019re wrapping up the week with a look at how the Iran war is putting a massive stress test on the decades-old US-Saudi petrodollar bargain. We also take a step back to 2025 to examine a rare market decoupling, where the TASI lagged its GCC neighbors for the first time in a decade, and dive into Sico Capital\u2019s playbook for navigating that shift.<\/p>\n<p class=\"tag-border-left\">Happening today<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s day two<\/strong><strong> of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/fii-institute.org\/conference\/fii-priority-miami-2026#:~:text=When%20and%20where%20will%20the,the%20Faena%20Hotel%2C%20Miami%20Beach.\" style=\"\">FII Priority<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/fii-institute.org\/conference\/fii-priority-miami-2026#:~:text=When%20and%20where%20will%20the,the%20Faena%20Hotel%2C%20Miami%20Beach.\" style=\"\">Summit<\/a><\/strong>, which is taking place in Miami Beach\u2019s Faena Hotel, bringing together over 2k global leaders, CEOs, and tech luminaries under the theme \u201cCapital in Motion.\u201d The three-day event dives into the future of stablecoins, the ROI of AI in a fragmented global economy, and regional resilience. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSAs<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No penal<\/strong><strong>ties or fees for e<\/strong><strong>xpired<\/strong><strong> visa<\/strong><strong> holders<\/strong><strong>:<\/strong> Holders of visas that expired as of 25 February <a target=\"_blank\" href=\"https:\/\/x.com\/MOISaudiArabia\/status\/2036751632168284625\" style=\"\">can depart the Kingdom<\/a> directly without incurring any fees or overstay fines. Meanwhile, those with visit visas will be able to extend them until 18 April upon their host\u2019s request.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong><strong>Gale-force Saudi:<\/strong> Red alerts have been issued as thunderstorms hit most regions of Saudi Arabia through Saturday, with 60 km\/h winds, dust storms, flash floods, hail, high coastal waves, and even possible tornadoes. <\/p>\n<ul>\n<li>Riyadh: 26\u00b0C high \/ 17\u00b0C low;<\/li>\n<li>Jeddah: 26\u00b0C high \/ 20\u00b0C low;<\/li>\n<li>Makkah: 30\u00b0C high \/ 20\u00b0C low;<\/li>\n<li>Dammam: 26\u00b0C high \/ 18\u00b0C low.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>CAPITAL MARKETS \u2014 <\/strong><strong>A handful of major players are still pressing ahead to<\/strong><strong> beat a June regulatory deadline<\/strong>, even as investment banks are advising clients <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/10\/are-ipos-heading-for-a-temporary-pause\/\" style=\"\">to write<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/10\/are-ipos-heading-for-a-temporary-pause\/\" style=\"\">off 1H 2026<\/a> due to a geopolitical markdown in valuations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s pushing ahead:<\/strong> Both <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/24\/this-morning-etihad-salam-getting-closer-to-ipo\/\" style=\"\">Mutlaq<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/24\/this-morning-etihad-salam-getting-closer-to-ipo\/\" style=\"\">Al Ghowairi<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/24\/this-morning-etihad-salam-getting-closer-to-ipo\/\" style=\"\">Contracting<\/a> and Arabian Dyar are reportedly looking to IPO before their CMA approvals expire in late June, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-24\/saudi-arabian-firms-press-ahead-with-ipo-plans-despite-iran-war\" style=\"\">Bloomberg<\/a> reports, citing people it says are in the know.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For a sense of scale:<\/strong> Arabian Dyar is said to be gunning for an SAR 16 bn valuation \u2014 higher than what some banks are pitching, sources told the business information service. Meanwhile, Mutlaq Al Ghowairi, which was originally targeting a post-Eid listing window, is now looking at May for an IPO that could value it between SAR 12-15 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The clock is ticking: <\/strong>If they don\u2019t list by June, both companies face the grueling task of restarting a regulatory process that can take over eight months to navigate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Are more companies on the way? <\/strong>Homegrown quick-delivery startup <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/24\/could-the-us-hit-irans-power-plants\/\" style=\"\">Ninja is<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/24\/could-the-us-hit-irans-power-plants\/\" style=\"\">said to be sounding out the market<\/a> for a potential IPO as early as this year. Executives reportedly sat down with investors in London earlier this month, with a decision expected in the coming weeks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>They would be landing in a market that fared better than its peers.<\/strong> Tadawul held up amid the Iran war jitters, with its energy-heavy TASI getting a lift from higher oil prices, supporting heavyweights like Aramco.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>AVIATION \u2014 <\/strong><strong>Jazeera Airways<\/strong><strong> ups KSA-based capacity: <\/strong>Kuwaiti low-cost carrier Jazeera Airways is leveraging Saudi hubs to add some 200k seats \u2014 around 40% of its pre-war capacity \u2014 to its network by next month, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/jazeera-airways-taps-saudi-hubs-kuwait-airspace-remains-shut-2026-03-25\/\" style=\"\">Reuters<\/a> reports. With Kuwait\u2019s airspace closed due to the US-Iran war, the airline began operating from Al Qaisumah and Dammam, using only 11-12 of its 23 jets, Chief Commercial Officer Paul Carroll is quoted as saying. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>3.2% \u2014 that\u2019s the y-o-y increase in the Kingdom\u2019s operating revenues <\/strong><strong>index in <\/strong><strong>January<\/strong>, driven by gains across key sectors including retail, construction, and financial services, according to Gastat\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/3\/1211.pdf\" style=\"\">latest report (pdf)<\/a>. On a monthly basis, the index rose 1.8% compared to December. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The uptick was supported by an 8.7% annual rise in wholesale and retail trade<\/strong>, increases in construction, and double-digit growth in financial and information and communication activities. Meanwhile, issued building permits dropped sharply by 26.8% m-o-m, signaling some slowdown in construction activity. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">MENA <> India<\/a> corridor?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/newsletters\/\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Washington <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-25\/trump-faces-fresh-iran-demands-as-he-looks-to-jump-start-talks?srnd=homepage-middle-east\" style=\"\">maintains<\/a><\/strong><strong> that peace talks with Iran are ongoing<\/strong>, despite Tehran roundly rejecting the ceasefire proposal put forward by the Trump administration. The Islamic Republic is reportedly looking to secure assurances that the US-Israeli assault will not resume, reparations for war-related damage, and recognition of its authority over the Strait of Hormuz. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in the world of social media: <\/strong>Meta and Google <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d3d80bd4-d2b1-4522-9752-4071df5b4c0a\" style=\"\">were found liable<\/a> for creating social media platforms harmful to teenagers. The plaintiff claimed that using YouTube and Instagram caused them anxiety, depression, and body dysmorphia. Social media companies now face USD bns of litigation risk as this case provides a roadmap for future claims regarding platform safety and minor well-being.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And on Wall Street: <\/strong>US investment bank Jefferies Financial Group <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-25\/jefferies-investment-banking-windfall-eroded-by-credit-woes\" style=\"\">failed<\/a> to meet analysts\u2019 estimates for 1Q 2026, despite seeing its net income rise 22% y-o-y. Its biggest losses were attributed to private credit mishaps related to Market Financial Solutions and First Brands Group. Despite the turmoil stemming from the war on Iran, Jefferies execs still expect robust M&A and IPO activity and dealmaking in 2026. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jazeera Airways is upping its Saudi-based capacity by 40% next month<\/p>\n","protected":false},"author":1,"featured_media":106424,"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":[2540],"tags":[4926,10,29,4929,4928,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-106423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-arabian-dyar","tag-enterpriseam-ksa","tag-ipo-watch","tag-jazeera-airways","tag-mutlaq-al-ghowairi-contracting","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"30dd3f55-ef17-4306-bd53-27e35286e6e4","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/3\/1234.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Major players are still chasing the June IPO window","related_issue":[106421],"teaser":"Jazeera Airways is upping its Saudi-based capacity by 40% next month"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: IPO ambitions hold steady against valuation markdowns as June deadlines loom - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/26\/this-morning-ipo-ambitions-hold-steady-against-valuation-markdowns-as-june-deadlines-loom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: IPO ambitions hold steady against valuation markdowns as June deadlines loom\" \/>\n<meta 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