MENA IPO market raises $1.7 billion from 10 IPOs in Q4 2025 as maturing landscape braces for 18 upcoming 2026 listings
Saudi Arabia dominated MENA IPO Activity during the quarter with six listings raising $561.6 million
MENA capital markets successfully launched 10 initial public offerings that raised a total of $1.7 billion during the final quarter of 2025, according to the EY MENA IPO Eye Q4 2025 report by global professional services firm EY. The performance of share prices on the first day of trading was mixed during this period; while several listings achieved positive results, the majority of those in Saudi Arabia either saw prices stay flat or drop by the close of their debut session. Furthermore, the trading environment proved difficult for various regional IPOs, leading to the postponement or withdrawal of certain planned offerings as investors became more selective and demand softened.
Brad Watson, EY-Parthenon MENA Leader, says: “IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focused on quality, fundamentals and execution, reflecting an increasingly sophisticated market environment. The depth of capital available and the diversity of listings underscore the region’s growing role as a destination for public market activity.”
Two giant Q4 listings
Société Générale des Travaux du Maroc (SGTM) secured the highest proceeds in the region during Q4 2025, raising $525.4 million on the Casablanca Stock Exchange, a figure representing 30.4 percent of the total quarterly proceeds. ALEC Holdings PJSC followed as the second-largest issuer, raising $381.2 million on the Dubai Financial Market (DFM), which accounted for 22 percent of the total. No direct listings took place within the MENA region throughout the quarter. These public offerings represented a diverse array of sectors, such as industrials, transportation, retail, energy, construction, and real estate, which illustrates the ongoing efforts to expand regional capital markets and bolster economic diversification.
Saudi Arabia leads Q4 listings
Saudi Arabia maintained its position as the primary driver of listing volume in the fourth quarter of 2025, hosting six IPOs that generated a collective $561.6 million. Specifically, Alramz Real Estate Company, Consolidated Gruenenfelder Saady Holding Co., Al Masar Al Shamil Education Company, and Cherry Trading Company debuted on the Tadawul Main Market, raising $546.7 million together. The Nomad – Parallel Market hosted the two remaining listings, which brought in $14.8 million. The United Arab Emirates (UAE), Morocco, and Kuwait provided the balance of the quarter’s IPO activity.
Navigating a shifting IPO landscape
Looking at the entirety of 2025, the MENA region recorded 49 IPOs that raised a total of $7.3 billion. This represents a year-on-year decline compared to 2024, with the number of listings dropping by 9.3 percent from 54 and total proceeds falling by 41.8 percent from $12.6 billion. KSA was the source of the vast majority of these listings, contributing 39 IPOs that raised $4.9 billion. Despite a disciplined approach from both companies and investors, the year featured consistent issuance supported by regulatory advancements, economic diversification, and the increasing depth of regional capital markets. Gregory Hughes, EY-Parthenon MENA IPO Leader, says: “The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list.”
Resilient MENA IPO momentum
Regional regulatory initiatives are continuing to improve market governance, transparency, and the availability of capital. Such efforts are fostering more resilient and deeper capital markets and are anticipated to maintain IPO momentum as regional exchanges continue to mature. The outlook for the MENA IPO landscape remains optimistic as the region enters 2026, with 18 funds and companies already indicating plans to list in the early part of the year. These anticipated offerings involve sectors including industrials, manufacturing, technology, utilities, and logistics, signaling robust momentum across various segments of the economy.
