The MENA IPO market posted a solid start to the year with 14 IPOs in Q1 2025, raising total proceeds of $2.4 billion. The number of IPOs rose from 10 in Q1 2024, with proceeds increasing by 106 percent compared to the same period in the previous year.
According to EY’s latest MENA IPO report, Saudi Arabia’s Umm Al Qura for Development & Construction led the quarter with the highest proceeds, accounting for 22 percent of total IPO proceeds, followed by Almoosa Health at 19 percent. Both companies are listed on the Tadawul Main Market.
“The increased demand for MENA listings has led to developments in market infrastructure through new products, enhanced governance standards and a focus on transparency and accountability. The upward trajectory in the number of IPOs across the MENA region is reflective of a wider trend of sector diversification, with investors and companies increasingly looking beyond traditional oil-based industries,” stated Gregory Hughes, EY-Parthenon MENA IPO Leader.
Saudi Arabia leads region’s IPO activity
In Q1 2025, Saudi Arabia led the MENA region in IPO activity, with 12 out of 14 listings originating from the nation. Five IPOs on the Tadawul Main Market raised a total of $1.8 billion, while seven IPOs on the Nomu parallel market generated $69 million.
The highest proceeds were from Umm Al Qura for Development & Construction at $523 million, followed by Almoosa Health at $450 million and Derayah Financial at $400 million, all listed on the Tadawul Main Market.
The IPO funds raised in Saudi Arabia during this period came from various sectors, with the largest contributions from real estate management at 28 percent, healthcare equipment and services at 24 percent, financial services at 21 percent, and consumer discretionary distribution and retail at 17 percent.
Read: Saudi flynas plans IPO with 51.26 million ordinary shares, 30 percent of total capital
21 companies looking to go public in 2025
The Abu Dhabi Securities Exchange (ADX) had one listing in Q1 2025 from the software and IT services sector: Alpha Data PJSC, which raised $163 million. Oman’s Muscat Stock Exchange (MSX) also saw one IPO, with Asyad Shipping Co SAOG raising $333 million.
During Q1 2025, the MENA region also witnessed the direct listing of Twareat Medical Care Co. on the Tadawul Nomu Parallel Market.
The outlook for MENA IPOs in the rest of 2025 remains positive, with 21 companies intending to list on MENA exchanges across various sectors. Among the GCC countries, Saudi Arabia remains the leader, with 17 companies receiving approval from the Capital Market Authority (CMA). In the UAE, three companies have announced their plans to IPO, and outside the GCC, Egypt has announced one IPO.
“In 2025, we can potentially expect to see an increase in IPOs from the technology sector, including online retail, FinTech, foodtech and classifieds,” added Hughes.
