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MENA IPO EYE Q3 2025
The MENA IPO Eye report analyzes IPO activities in the MENA region on a quarterly basis. It compares deals and volume to previous quarters, highlights recent developments, and notes key changes to regulations.
The MENA IPO market in Q3 2025 witnessed 11 initial public offerings (IPOs), raising US$0.7b in proceeds. This marks a 120% increase in the number of IPOs compared with the same quarter last year; however, the total proceeds saw a significant decline of 20.1% from Q3 2024. The decrease in proceeds is largely attributed to a rise in listings in the mid-market.
The leading IPO for the quarter was Dar Al Majed Real Estate Company that raised US$336m or 45.5% of the total proceeds. This was followed by Marketing Home Group for Trading Co IPO which raised US$109m, accounting for 14.7% of the quarter’s total. In comparison to Q2 2025, the number of IPOs dropped from 14 to 11, with total proceeds falling sharply from US$2.5b to US$0.7b, reflecting a 70.1% decrease in capital raised despite stable listing activity.
The Kingdom of Saudi Arabia (KSA) continued to lead the region in terms of IPO activity, with eight of the 11 listings and raising a total of US$637m. The real estate sector was the most significant contributor, accounting for 55% of the total proceeds. The remaining IPOs were launched on the Nomu Parallel Market, collectively raising US$124.1m.
Notably, the MENA region did not witness any direct listings during Q3 2025. Looking ahead, the MENA IPO market appears resilient, with 19 companies and funds planning to list on MENA exchanges across various sectors for the remainder of 2025. KSA remains at the forefront, with 13 companies and funds receiving approval from the Capital Market Authority (CMA) as of 14 October 2025. Among non-GCC countries, Diar Dzair from Algeria and Gharb Papier Et Carton from Morocco have announced intentions to launch IPO, pending regulatory approval.
Regulatory reforms are progressing, with the UAE allowing the combination of board chairman and CEO roles under specific conditions. The CMA is also considering an increase or removal of the ceiling on foreign ownership of publicly listed companies, currently set at 49.5%, signaling a commitment to attract foreign investment. Despite ongoing geopolitical conditions, IPO activities in the region remain robust, with companies strategically timing their market entries based on macroeconomic conditions and investor sentiment.