Prime Highlight:
- Saudi Arabia emerged as the largest IPO market in the GCC in 2025, raising $4.1 billion, nearly 80% of the region’s total proceeds.
- The strong performance signals growing investor confidence in Saudi capital markets despite a slowdown in overall GCC IPO activity.
Key Facts:
- The Kingdom hosted 13 IPOs on the Saudi Exchange, raising $3.7 billion, while the Nomu market added $336 million from 23 offerings.
- Across the GCC, companies raised $5.1 billion from 40 IPOs in 2025, down 61% from the previous year.
Background:
Saudi Arabia emerged as the largest initial public offering market in the Gulf Cooperation Council in 2025, raising $4.1 billion and accounting for nearly four-fifths of the region’s total IPO proceeds, according to a report by Kuwait Financial Center, also known as Markaz.
The Kingdom hosted 13 IPOs on the Saudi Exchange that raised $3.7 billion, while the parallel Nomu market added $336 million through 23 offerings. Markaz said the strong performance highlights rising investor confidence in Saudi capital markets, even as the overall GCC IPO market slowed.
In 2025, companies across the region raised $5.1 billion from 40 IPOs, a 61% drop from last year. Corporate listings made up most of the activity, contributing $3.9 billion, or 76% of total proceeds, through 37 offerings. Government-related IPOs raised the remaining $1.2 billion from three deals.
The UAE ranked second, raising $544 million from two IPOs. Abu Dhabi Securities Exchange collected $163 million from Alpha Data’s listing, while Dubai Financial Market raised $381 million through Alec Holdings. Oman followed with $333 million from Asyad Shipping’s IPO, and Kuwait raised $180 million through Action Energy.
Industrial companies led with $1.9 billion, mostly from Saudi airline flynas, which raised $1.1 billion on its own. Real estate came next with $1.2 billion, and healthcare raised $508 million. Consumer discretionary and financial services brought in $479 million and $400 million, respectively.
After listing, Ratio Speciality Co. became the year’s top gainer, rising 190% on its Nomu debut. In contrast, Smoh Almadi performed the worst, dropping 60% after listing.
Oman’s Muscat Securities Market rose 28.1% in 2025, while Saudi Arabia’s Tadawul index fell 12.8%. Markaz expects investors to gain confidence and for GCC IPO activity to grow in 2026.
