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MENA IPO EYE Q1 2025
The MENA IPO market had a good start with 14 IPOs in Q1 2025 raising total proceeds of US$2.4b. The number of IPOs rose from 10 in Q1 2024, with proceeds increasing by 106% compared to the same period in the previous year. Umm Al Qura for Development & Construction led the quarter with the highest proceeds, accounting for 22% of total IPO proceeds, followed by Almoosa Health at 19%. Both companies are listed on the Tadawul Main Market.
In Q1 2025, Saudi Arabia led the region in IPO activity, with 12 out of 14 listings originating from the region. Five IPOs on the Tadawul Main Market raised a total of US$1.8b, while seven IPOs on the Nomu parallel market generated US$69m. The highest proceeds were from Umm Al Qura for Development & Construction at US$523m, followed by Almoosa Health at US$450m and Derayah Financial at US$400m, all listed on the Tadawul Main Market. The IPO funds raised in KSA during this period came from various sectors, with the largest contributions from real estate management (28%), healthcare equipment and services (24%), financial services (21%), and consumer discretionary distribution and retail (17%).
The Abu Dhabi Securities Exchange (ADX) had one listing in Q1 2025 from the software and IT services sector: Alpha Data PJSC, which raised US$163m. Oman’s Muscat Stock Exchange (MSX) saw one IPO, with Asyad Shipping Co SAOG raising US$333m. During Q1 2025, the MENA region 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, the KSA 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.
Environmental, Social, and Governance (ESG) executives in the MENA region are presented with a dynamic regulatory environment. The UAE is leading the way with its guidelines for climate risk disclosures, while Oman is requiring ESG disclosures on carbon emissions and diversity. Organizations have a unique opportunity to integrate ESG into their corporate strategies for sustainable growth.