Proceeds from initial public offerings (IPOs) in the Middle East and North Africa (MENA) region have more than doubled, fueled by substantial activity in Saudi Arabia, according to a new report from EY. In the first quarter of the year, total proceeds reached $2.4 billion, marking a notable increase of 106 percent year-on-year. Additionally, the number of listings rose to 14, up from 10 in Q1 2024.
Saudi Arabia emerged as the frontrunner in both activity and proceeds, recording 12 of the 14 listings in the region. Notably, five offerings on the Saudi Stock Exchange (Tadawul) generated $1.8 billion, while seven listings on the Nomu Parallel Market secured $69 million.
“KSA continues to dominate the MENA region’s market in terms of activity as well as proceeds. In addition, the IPO pipeline for the rest of the year remains robust across various sectors and multiple countries,” said Brad Watson, MENA EY-Parthenon Leader.
Read more: 14 MENA IPOs raise $2.4 billion in Q1 2025, proceeds surge 106 percent
Top IPOs in Saudi Arabia
Saudi Arabia-listed Um Al Qura for Development & Construction led with the largest IPO, raising $523 million, which accounted for 22 percent of the total proceeds. Almoosa Health followed closely with $450 million, making up 19 percent of total proceeds, while Derayah Financial raised $400 million.
IPO activity in UAE and Oman
The UAE saw one IPO during the quarter, with Alpha Data raising $163 million on the Abu Dhabi Securities Exchange (ADX). Meanwhile, Oman’s Muscat Stock Exchange (MSX) also had one IPO, with Asyad Shipping Company raising $333 million.
