In-depth: Performance of recently-listed TASI firms, key offering indicators since 2024

In this report, Argaam listed the companies that went public in 2024 and 2025, tracking their performance on the Main Market (TASI) across different periods and up to trading close on Sept. 18, 2025.

The report also monitored the underwriters of these offerings, key pre-offering financial indicators, including market capitalization, P/E, and P/B.

Accordingly, a clear divergence in company valuations was noticed, which in turn impacted the post-listing stock performance. While some companies recorded strong gains above their offering price, some others faced pressures that brought their stock price below the IPO level.

The Saudi market’s benchmark index TASI delivered better performance in 2024, compared to the current year, having reached a record high of 12,883 points in March 2024.

Since February 2025, however, the index has been contracting, losing around 12% year-to-date (YTD) — a trend seen to impact the valuation of certain IPOs at the time of offering.

TASI Index Performance since 2024-Start

Source - Argaam

Trading Values (SAR bln)

Trading values in 2024 hovered around SAR 9 billion, gradually retreating lately to reach SAR 5.4 billion per quarter. This weighed on investor appetite for new IPOs, while multiple opportunities remain available among previously listed companies.

Source - Argaam

TASI Performance since 2024

Since 2024, TASI stocks have been experiencing mixed performances after listing, compared with the offering price.

Most TASI stocks recorded declines relative to their IPO price as of the market close on Sept. 18, 2025. United Carton Industries Co. (UCIC) was the worst performer, dropping about 44% compared to its offering price.

Arabian Mills for Food Products Co. ranked second, with a slump of around 38% versus the IPO price, followed by Modern Mills for Food Products Co., which fell by approximately 34%.

Performance of Newly-Listed Stocks

*Market value based on share price and number of shares before capital increase

Although the Saudi market’s P/E ratio traded at its peak of 29x in April 2024, some TASI-listed companies were priced at significantly higher multiples, exceeding 50x, which underwriters attributed to the anticipated growth potential.

Almoosa Health Co. traded at the highest P/E of 70x at IPO, before retreating to around 40x post-listing, supported by debt repayment and lower financing costs.

Nice One Beauty Digital Marketing Co. and Arabian Company for Agricultural and Industrial Investment (Entaj) followed, each traded at a P/E of 55x at IPO.

Saudi Market P/E Ratio Ex-Aramco (x)

Source - Argaam

All newly-listed companies got their stocks floated at a P/B multiple above the market average, except for Umm Al Qura for Development and Construction Co. (Masar), which was priced at 1.5x.

Nice One and Rasan Information Technology Co. recorded the highest P/B multiples, both at 21x at IPO. Their P/B ratios later declined to 10x and 8x, respectively, driven by the increase in shareholders’ equity from share premium proceeds.

Saudi Market Price-to-Book Ratio Ex-Aramco (x)

Source - Argaam

In terms of profitability and sales, company-wide performance varied prior to listing; however, most firms had already reported growth in both revenue and earnings.

Key Financial Indicators of Newly-Listed Firms

*The post-listing P/B declined to 10x for Nice One, 8x for Rasan, 4.6x for Fakeeh Care, and 4x for flynas, driven by the offering premium or debt repayment. Meanwhile, the P/E ratio dropped to 40x for Almoosa and 30x for Fakeeh Care, amid lower financing costs following debt repayment.

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