AI Summary
Tadawul trading screen
The Saudi capital market (TASI and Nomu) maintained strong initial public offering (IPO) momentum in 2025, with 38 company listings and one exchange-traded fund (ETF).
During 2025, the Main Market (TASI) saw 13 companies conduct IPOs, along with one ETF offered through a public offering: Albilad MSCI Saudi Equity ETF.
Meanwhile, the Nomu-Parallel Market witnessed 24 offerings to qualified investors, in addition to one direct listing.
|
IPOs During 2025 |
||
|
Offering Method |
2024 |
2025 |
|
TASI IPOs |
14 |
13 |
|
ETFs offered through public offerings |
3 |
1 |
|
REITs |
1 |
0 |
|
Nomu public offerings |
28 |
24 |
|
Nomu direct listings |
3 |
1 |
|
Total |
49 |
39 |
The 13 IPOs completed in 2025 comprised approximately 539.7 million shares, with a total value of SAR 14.5 billion.
Development of IPOs in TASI Since 2007:
|
IPOs on TASI Since 2007 |
|||
|
Period |
No. of IPOs |
Number of Shares (mln) |
Total Offering Value (SAR bln) |
|
2007 |
26 |
*1.41 |
18.04 |
|
2008 |
13 |
2.63* |
36.39 |
|
2009 |
11 |
338.70 |
3.88 |
|
2010 |
9 |
245.35 |
3.83 |
|
2011 |
5 |
116.90 |
1.73 |
|
2012 |
7 |
257.40 |
5.32 |
|
2013 |
5 |
134.25 |
1.96 |
|
2014 |
6 |
587.50 |
25.23 |
|
2015 |
4 |
99.60 |
4.15 |
|
2016 |
3 |
55.76 |
2.79 |
|
2017 |
1 |
4.50 |
0.23 |
|
2018 |
2 |
28.72 |
1.06 |
|
2019 |
5 |
3.12* |
99.81 |
|
2020 |
3 |
102.54 |
5.25 |
|
2021 |
9 |
235.60 |
17.18 |
|
2022 |
17 |
680.91* |
31.42 |
|
2023 |
8 |
476.05 |
11.90 |
|
2024 |
14 |
531.65 |
14.21 |
|
2025 |
10 |
539.70 |
14.46 |
*bln shares
**Includes only Saudi retail shares in the Americana IPO.
The Capital Market Authority (CMA) approved several companies to launch IPOs last year, but they have not yet been completed. These include Saleh Abdulaziz Al Rashed & Sons, Al-Romansiah Co., Alandalus Education Co., Dar Albalad for Business Solutions Co., and Mutlaq Al-Ghowairi Contracting Co.
Last year, EFSIM Facilities Management cancelled its IPO following consultations with its financial advisor
Several IPOs on TASI saw strong subscription coverage from both institutions and retail investors. Flynas Co.’s IPO was the largest of the year, raising approximately SAR 4.1 billion.
However, recent IPOs showed a decline in retail subscription coverage, dropping to 70.9% and then 36% in the last two offerings.
|
Main Market IPOs in 2025 |
||||||
|
Company |
No. of Offered Shares (mln) |
Offer Price (SAR)* |
Offer Volume (SAR mln) |
Institutional Coverage |
Retail Coverage |
Retail Funds Raised (SAR bln) |
|
Derayah Financial |
49.95 |
30.00 |
1498.41 |
162x |
15.1x |
2.26 |
|
Entaj |
9.00 |
50.00 |
450.00 |
208.4x |
30.2x |
1.4 |
|
Masar |
130.79 |
15.00 |
1961.79 |
241x |
20x |
3.93 |
|
UCIC |
12.00 |
50.00 |
600.00 |
126x |
8.9x |
1.07 |
|
flynas |
51.26 |
80.00 |
4100.45 |
100x |
3.5x |
2.9 |
|
SMC Healthcare |
75.00 |
25.00 |
1875.00 |
64.7x |
1.45x |
0.54 |
|
Sport Clubs |
34.32 |
7.50 |
257.40 |
44.1x |
5.3x |
0.25 |
|
Build Station |
4.80 |
85.00 |
408.00 |
9.7x |
2.0x |
0.16 |
|
Almajdiah |
90.00 |
14.00 |
1260.00 |
107x |
2.78x |
0.70 |
|
Cherry Rent a Car |
9.00 |
28.00 |
252.00 |
85.6x |
6.47x |
0.33 |
|
Almasar Alshamil |
30.72 |
19.50 |
599.05 |
102.9x |
1.21x |
0.22 |
|
CGS |
30.00 |
10.00 |
300.00 |
61.6x |
70.9% |
0.043 |
|
Alramz Real Estate |
12.86 |
70.00 |
900.20 |
11.1x |
36% |
0.065 |
*Offer prices are not adjusted for any capital changes, if applicable.
In 2025, 24 companies conducted offerings to qualified investors on Nomu, comprising 52.5 million shares valued at SAR 1.27 billion, in addition to one direct listing.
The CMA also approved offerings for several companies during the year, including Afaq Al Arabiya for Transportation & Storage Co., Quality Education Co., Sajida International, Hamad M. Aldrees & Partners Co., Al-Rahden Co., Kesay Clinics Co., and Mutlaq Al-Ghowairi Contracting Co.
The market regulator’s approvals remain valid for six months from their resolution date and lapse if the offering and listing are not completed within this period.
Several companies — Alwazn Almithaly, Lavenco, Al Khaldi Logistics, Dome, and Rawabi — cancelled their planned offerings and listings on Nomu during the year due to insufficient subscription coverage.
|
Development of IPOs on Nomu |
|||
|
Period |
Number of IPOs |
No. of Shares (mln) |
Total Offering Value (SAR mln) |
|
2017 |
9 |
20.48 |
752.25 |
|
2018 |
1 |
1.20 |
32.40 |
|
2019 |
-- |
-- |
-- |
|
2020 |
1 |
1.25 |
30.00 |
|
2021 |
6 |
8.59 |
1940.97 |
|
2022 |
17 |
21.25 |
1257.72 |
|
2023 |
27 |
25.26 |
1094.36 |
|
2024 |
28 |
65.26 |
1113.00 |
|
2025 |
24 |
52.54 |
1274.77 |
Most offerings to qualified investors on Nomu were oversubscribed multiple times
|
Nomu IPOs in 2025 |
||||
|
Company |
No. of Offered Shares
|
Offer Price (SAR)* |
Offer Volume (SAR mln) |
Coverage |
|
ITMAM Consulting Co. |
3000 |
15.00 |
45.00 |
230.25% |
|
Alshehili |
500 |
80.00 |
40.00 |
231.8% |
|
Smile Care |
4000 |
4.40 |
17.60 |
1981.3% |
|
LAMASAT |
6000 |
5.75 |
34.50 |
1101.3% |
|
Hedab Alkhaleej |
800 |
52.00 |
41.60 |
173% |
|
RATIO |
5000 |
10.00 |
50.00 |
865% |
|
Future Vision for Health Training |
2000 |
7.00 |
14.00 |
513.3% |
|
Service Equipment |
720 |
84.00 |
60.48 |
147% |
|
DKHOUN |
400 |
121.00 |
48.40 |
119.2% |
|
Adeer Real Estate |
1000 |
85.00 |
85.00 |
679.7% |
|
Axelerated Solutions |
3000 |
27.00 |
81.00 |
208.1% |
|
Al Kuzama Trading |
422.4 |
107.00 |
45.20 |
108.4% |
|
Asas Markeen |
1000 |
80.00 |
80.00 |
1949% |
|
Anmat |
5000 |
9.50 |
47.50 |
285.51% |
|
Hawyia Auctions |
2400 |
13.00 |
31.20 |
310.7% |
|
Time |
200 |
80.00 |
16.00 |
141.4% |
|
Naf |
400 |
76.00 |
30.40 |
111% |
|
Signworld |
1500 |
12.00 |
18.00 |
108.74% |
|
Hamad Mohammed Bin Saedan Real Estate |
4235.3 |
13.50 |
57.18 |
114.19% |
|
Wajd Life |
2500 |
5.70 |
14.25 |
179.34% |
|
Jamjoom Fashion |
2384.3 |
145.00 |
345.73 |
450% |
|
Sahat Almajd |
4375.0 |
7.00 |
30.63 |
110.39% |
|
Abdul Aziz Al-Tuwaijri Trading |
1000.0 |
25.00 |
25.00 |
121.85% |
|
Khaled Dhafer and Brothers |
700.0 |
23.00 |
16.10 |
101.98% |
*Prices are not adjusted for any capital changes, if applicable.
As for direct listings in the market, only one took place during the past year.
|
Development of Direct Listings |
|
|
Period |
No. of Listings |
|
2020 |
1 |
|
2021 |
8 |
|
2022 |
13 |
|
2023 |
6 |
|
2024 |
3 |
|
2025 |
1 |
|
Direct Listing on Nomu |
||
|
Company |
Listing Date |
Guidance Price (SAR)* |
|
Twareat Medical Care |
Jan. 29, 2025 |
12.00* |
The Saudi market capitalization declined to approximately SAR 8.8 trillion by the end of 2025, compared to around SAR 1.36 trillion in 2024.
|
Development of Saudi Market Capitalization |
||
|
Period |
Market Capitalization (SAR bln) |
Index Value (Point) |
|
2001 |
274.53 |
2430 |
|
2002 |
280.73 |
2518 |
|
2003 |
589.93 |
4437 |
|
2004 |
1148.60 |
8206 |
|
2005 |
2438.20 |
16713 |
|
2006 |
1225.86 |
7934 |
|
2007 |
1946.35 |
11039 |
|
2008 |
924.53 |
4803 |
|
2009 |
1195.51 |
6121 |
|
2010 |
1325.39 |
6621 |
|
2011 |
1270.84 |
6418 |
|
2012 |
1400.34 |
6801 |
|
2013 |
1752.86 |
8536 |
|
2014 |
1812.89 |
8333 |
|
2015 |
1579.06 |
6912 |
|
2016 |
1681.95 |
7210 |
|
2017 |
1689.60 |
7226 |
|
2018 |
1858.95 |
7827 |
|
2019 |
9025.44 |
8389 |
|
2020 |
9101.81 |
8690 |
|
2021 |
10009.15 |
11282 |
|
2022 |
9878.10 |
10478 |
|
2023 |
11259.32 |
11967 |
|
2024 |
10200.23 |
12037 |
|
2025 |
8817.60 |
10491 |
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