MENA IPO EYE Q4 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 markets saw 10 IPOs during Q4 2025, raising US$1.7b in proceeds — a significant 134% increase from Q3 2025. This increase in proceeds is largely attributed to the Societe Generale Des Travaux Du Maroc’s (SGTM) listing on the Casablanca Stock Exchange , which raised US$525.4m, followed by Alec Holding PJSC’s listing on the DFM, raising US$381.2m.

However, the total number of IPOs in 2025 declined by 9.3% compared with 2024, with total proceeds dropping 41.8% year-over-year (y-o-y). The decline in IPOs, from 54 in 2024 to 49 in 2025, combined with the drop in proceeds from US$12.6b to US$7.3b, was driven primarily by a sharp slowdown in the UAE IPO market.

The Kingdom of Saudi Arabia (KSA) led MENA IPO activity in Q4 2025, with six out of the 10 IPOs, raising a total of US$561.6m. Cherry Trading Company, Al Masar Al Shamil Education Co., Consolidated Grunenfelder Saady Holding Company, and AlRamz Real Estate Company, all listed on the Tadawul main market during Q4 2025, accounted for total proceeds of US$546.7m. The remaining two listings occurred on the Nomu parallel market, with total proceeds of US$14.8m.

The KSA also led IPO activity in the MENA region for the full year 2025, accounting for 39 of the 49 IPOs and raising US$4.9b out of total regional proceeds of US$7.3b.

Notably, the MENA region did not witness any direct listings during the quarter. In Q4 2025, three primary listings occurred, one fewer than in Q3 2025, while secondary and combination listings remained consistent with the previous quarter at five and two, respectively.

Regulatory developments across the Gulf Cooperation Council (GCC) continued to support capital market activity. In the KSA, reforms focused on broadening market access and enhancing liquidity through measures to expand foreign investor participation and streamline frameworks for listed companies. In the UAE, regulatory efforts centered on modernizing the corporate and capital markets environment, offering greater flexibility in capital structuring, governance and compliance to support listed companies and future IPOs.

While ongoing geopolitical tensions and oil-linked equity performance have influenced investor sentiment, IPO activity in the GCC has remained steady, with continued listings, particularly in the KSA. Companies remain disciplined in their approach to market timing amid cautious but sustained investor demand. In this backdrop, the outlook for MENA IPOs in Q1 2026 remains optimistic — 18 companies and funds have expressed their intent to list across the region. The KSA continues to dominate activity within the GCC, accounting for 16 potential issuers.