{"id":115063,"date":"2026-05-13T00:00:00","date_gmt":"2026-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=115063"},"modified":"2026-05-13T06:52:47","modified_gmt":"2026-05-13T06:52:47","slug":"saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/","title":{"rendered":"Saudi firms are lining up to IPO, while UAE and Egyptian outfits strike more cautious notes"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The simple read is that GCC dealmaking is back on ice \u2014 that\u2019s how the<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/405dc8b8-6f34-412e-8603-f1bca854d239?syn-25a6b1a6=1\" style=\"\">Financial Times<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/405dc8b8-6f34-412e-8603-f1bca854d239?syn-25a6b1a6=1\" style=\"\">frames it<\/a><\/strong> after the war in the Gulf nuked the 1Q recovery that bankers had quietly hoped would help generate some of the USD 1 bn they thought they could make in MENA this year. <strong>The reality is a bit more hopeful \u2014 though that hope is very localized<\/strong> as a handful of players sprint to market before the 1Q window closes and others eye fall offerings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul looks right now like it could be the bankers\u2019 only hope \u2014 and the fees there will <\/strong><strong>be modest.<\/strong> Would-be Saudi issuers are pressing ahead with bets that the bourse\u2019s deeply local investor base \u2014 retail and domestic institutions alike \u2014 have appetite for fresh paper. And they\u2019re not wrong: Investors in London and New York are tepid on Saudi equities at best, but state-backed institutions in the Kingdom have political pressure to pile into domestic offerings as Riyadh looks to distinguish itself from Abu Dhabi and Dubai. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mighty mouse: <\/strong>IT services outfit Dar Al Balad broke the wartime logjam \u2014 its offering to retail investors closes tomorrow after the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/05\/dar-al-balads-tadawul-ipo-sees-robust-institutional-demand\/\" style=\"\">institutional book<\/a> cleared at the top of the range \u2014 30% of the company at SAR 9.75 per share. The sale is tiny \u2014 a SAR 205 mn (USD 55 mn) book at a SAR 682 mn (USD 182 mn) valuation \u2014 but It\u2019s the first IPO in the region since the war kicked off in February. In that respect, the symbolism matters more than the size.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a pipeline now forming behind Dar Al Balad.<\/strong> Delivery app <strong>Ninja<\/strong> is lining up advisors for a USD 1 bn Tadawul IPO in late 2026 or early 2027, as we have previously noted, with Citigroup, Goldman Sachs, Riyad Capital, and UBS all said to have been given a piece of the mandate. And both <strong>Mutlaq Al Ghowairi Contracting<\/strong> and <strong>Arabian Dyar<\/strong> are racing late-June deadlines to list before their CMA approvals run out (or need renewal). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there\u2019s more: <\/strong>Olayan-backed <strong>Health Water Bottling<\/strong> is working with Lazard, <strong>Etihad <\/strong><strong>Salam Telecom<\/strong> is shopping for junior banking advisors, PIF-backed <strong>ArcelorMittal Tubular Products Jubail<\/strong> has hired JPMorgan and HSBC, <strong>Alkhorayef Petroleum<\/strong> is preparing regulatory approval, and <strong>Ejada Systems<\/strong> is renewing its approval, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/billionaire-olayans-tech-firms-look-to-ignite-saudi-ipo-revival\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/billionaire-olayans-tech-firms-look-to-ignite-saudi-ipo-revival\" style=\"\">per Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a lot quieter in the UAE and Egypt.<\/strong> The headline UAE pushback is <strong>Emirates Global <\/strong><strong>Aluminium (EGA)<\/strong>, whose USD 10-15 bn offering will slip to at least next year, a source familiar with the matter told the FT. Investor meetings had <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/03\/emirates-global-aluminium-taps-investors-ahead-of-ipo\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/03\/emirates-global-aluminium-taps-investors-ahead-of-ipo\/\" style=\"\">started before the war<\/a>, in which one of EGA\u2019s smelters <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/30\/attacks-hit-industry-threatening-higher-commodity-prices-and-investor-caution\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/30\/attacks-hit-industry-threatening-higher-commodity-prices-and-investor-caution\/\" style=\"\">suffered severe damage<\/a>. <strong>Dubai Holding<\/strong> has also paused preparations to list its retail assets, the FT says, with tourism cancellations doing the damage on the demand side \u2014 inbound arrivals to Dubai could contract 27% y-o-y this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s much the same story in Egypt.<\/strong> Bankers had already taken the hotly anticipated IPO of <strong>Banque du Caire <\/strong>on the road, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/17\/will-plans-to-ipo-banque-du-caire-make-the-imf-happy\/\" style=\"\">lining up substantial appetite from early looks for prospective cornerstone investors<\/a> in London, New York, the UAE, Saudi, and South Africa. A <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/04\/sovereign-fund-taps-efg-hermes-for-the-20-misr-life-float\/\" style=\"\">20% slice of<\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/04\/sovereign-fund-taps-efg-hermes-for-the-20-misr-life-float\/\" style=\"\">Misr Life Insurance<\/a><\/strong> is also in the pipeline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mood in Cairo, Abu Dhabi, and Dubai is exactly the wait-and-see<\/strong> that Elaeo Partners founder Kapil Jobanputra described to the FT \u2014 \u201cbroadly on hold\u201d while investors reassess risk and valuation. Analysts and investors we\u2019ve spoken with think regional fundamentals remain intact even as the calendar slips, saying the war has not yet reshaped how the global capital views MENA+.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Gulf investors are happy to cash out some risk by monetizing mature, <\/strong><strong>non-strategic foreign investments. <\/strong><strong>Adia<\/strong>-backed <strong>Innio<\/strong> is heading for a Nasdaq IPO at a USD 15 bn target valuation, per <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2109150\/000119312526216625\/ck0002109150-20260511.htm\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2109150\/000119312526216625\/ck0002109150-20260511.htm\" style=\"\">SEC filings<\/a>. The Munich-based gas-engine maker follows UAE-backed Cerebras, which prices its hotly anticipated <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/cerebras-raise-ipo-price-range-150-160-demand-surges-sources-say-2026-05-10\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/cerebras-raise-ipo-price-range-150-160-demand-surges-sources-say-2026-05-10\/\" style=\"\">USD 4.8 bn book<\/a>. Adia and a co-investor will retain joint control of Innio through a holding entity after the listing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Mumbai version of that same play just collapsed.<\/strong> Reliance Industries restructured <strong>Jio <\/strong><strong>Platforms\u2019<\/strong> planned IPO as a fresh-share issue rather than an offer-for-sale, sending the proceeds to Jio rather than to existing shareholders, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/ambanis-jio-platforms-ipo-pivots-pure-fundraise-no-investor-exits-sources-say-2026-05-11\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/ambanis-jio-platforms-ipo-pivots-pure-fundraise-no-investor-exits-sources-say-2026-05-11\/\" style=\"\">Reuters reports<\/a>, citing sources it says are in the know. Jefferies had valued Jio at USD 180 bn in November, implying a USD 4.5 bn raise from a 2.5% fresh issue. <strong>Adia<\/strong> (around USD 750 mn in) and <strong>PIF<\/strong> (around USD 1.5 bn) are now long India whether they want to be or not\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gulf investors will also have appetite to cash out risk through Western IPOs of their international investments<\/p>\n","protected":false},"author":1,"featured_media":115064,"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":[2867],"tags":[2586,2538,2629,2628],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-115063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam","tag-ipo-watch","tag-markets-deals","wpautop","entry"],"acf":{"mongo_id":"bbddfbae-8b22-48d2-bdef-5d8bdbd371cd","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/5\/429.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Buzzer beaters?","related_issue":[115057],"teaser":"Gulf investors will also have appetite to cash out risk through Western IPOs of their international investments"},"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>Saudi firms are lining up to IPO, while UAE and Egyptian outfits strike more cautious notes - MENA+ Edition<\/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\/menaplus\/2026\/05\/13\/saudi-firms-are-lining-up-to-ipo-while-uae-and-egyptian-outfits-strike-more-cautious-notes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi firms are lining up to IPO, while UAE and Egyptian outfits strike more cautious notes\" \/>\n<meta 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