Overview of IPOs in Saudi Arabia in 2025
In 2025, Saudi Arabia's IPO market on the Saudi Exchange (Tadawul) has maintained strong momentum, building on 2024's record 42 listings that raised $4.1 billion. Year-to-date through October 2025, there have been approximately 15-20 completed IPOs, raising over SAR 6 billion (US$1.6 billion), with a focus on mid-cap private and family-owned firms amid Vision 2030 diversification efforts. This represents a 23% increase in proceeds from Q1 2024, driven by regulatory approvals (over 50 companies in validation) and investor enthusiasm, including high oversubscription rates (e.g., 500%+ for retail tranches). The Tadawul All Share Index has risen ~10% YTD, supporting liquidity, though global volatility from US tariffs has paused some deals. Sectors leading include consumer markets (42% of Q1 proceeds), healthcare (20%), technology/fintech (15%), and industrials (15%). The Capital Markets Authority (CMA) has approved five more IPOs in March, targeting 50+ listings for the year, potentially raising $10-15 billion. Q4 outlook is robust, with aviation, infrastructure, and education deals expected to accelerate, positioning Saudi Arabia to lead GCC IPOs (69% of Q1 regional proceeds).
Recent IPOs in Saudi Arabia
Recent IPOs have shown resilient performances, with average first-day gains of 5-15% despite market dips. Below is a table of notable recent IPOs from Q1-Q3 2025 (top 5 by size/impact), including listing date, company name, ticker, offer price (SAR), proceeds (US$ million), return since IPO (% as of October 27), and sector/notes.
| Listing Date | Company Name | Ticker | Offer Price (SAR) | Proceeds (US$ M) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| May 28-Jun 1, 2025 | Flynas (Low-Cost Airline) | FLY/Tadawul | 80 | 1,100 | +5 (est.) | Aviation; 30% stake; Oversubscribed; Funds fleet expansion; Vision 2030 tourism push. |
| Feb 2025 | Entaj (Arab Company for Agricultural and Industrial Investment) | ENTAJ/Tadawul | TBD | ~500 | +10 (est.) | Agriculture/Food; 30% stake; Final price Feb 19; Part of $1B+ early-year wave. |
| Q1 2025 | Derayah Financial | DERA/Tadawul | TBD | ~300 | +8 | Financials (Investment); Wealth management; Oversubscribed; Domestic focus. |
| Q1 2025 | Umm Al Qura (Real Estate) | UMAL/Tadawul | TBD | 523 | +3 (est.) | Real Estate; 9% stake; $523M raised; Urban development. |
| Q1 2025 | Almoosa Health Company | ALMO/Tadawul | TBD | 765 | +12 | Healthcare; Hospitals; 30% stake; $765M; 372% oversubscribed. |
- Notes: Returns approximate; Q1 GCC IPOs (11 deals, US$1.6B) led by Saudi (69%). Total YTD ~US$4-5B; Consumer sector dominant.
Upcoming IPOs in Saudi Arabia
The pipeline is strong with 18 companies in validation and 50+ targeted for 2025, focusing on private/family businesses. Below is a table of key upcoming IPOs for Q4 2025 and beyond, including expected date, company name, ticker (if known), underwriters, shares (M est.), price range (SAR), offering size (US$ M est.), and sector/notes. Dates tentative per CMA approvals; Most on Tadawul Main Market.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (SAR) | Offering Size (US$ M est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | Panda Retail Co. | PANDA/Tadawul | TBD | TBD | TBD | 300-500 | Retail; Convenience stores; Family-owned; Vision 2030 consumer push. |
| Q4 2025 | Riyad Capital | RIYC/Tadawul | TBD | TBD | TBD | 200-400 | Financials (Investment Banking); Riyad Bank subsidiary; Wealth mgmt focus. |
| Q4 2025 | Tamkeen Human Resource Company | TAMK/Tadawul | TBD | TBD | TBD | 100-200 | HR/Services; Workforce solutions; Mid-cap private issuer. |
| Q4 2025 | United International Holding Company | UIHC/Tadawul | TBD | TBD | TBD | 150-250 | Holding/Industrials; Diversified; PE-backed exit. |
| Q4 2025 | Ejada | EJAD/Tadawul | TBD | TBD | TBD | 100-150 | Technology (IT Services); Digital transformation; Family business. |
| Q4 2025 | Dajam Steel | DAJA/Tadawul | TBD | TBD | TBD | 50-100 | Industrials (Steel); Manufacturing; Mid-cap focus. |
| Q4 2025-Q1 2026 | Sport Clubs Company | SPC/Tadawul | TBD | TBD | TBD | 100-200 | Consumer (Fitness); 56 gyms; 30% stake approved Mar 2025; 6-month validity. |
| Q4 2025-Q1 2026 | Nice One (Cosmetics) | NICE/Tadawul | TBD | TBD | TBD | 322 | Consumer (Beauty); Retail chain; 30% stake; Oversubscription expected. |
| Q4 2025-Q1 2026 | Al Majed for Oud (Perfume Retail) | MAJO/Tadawul | TBD | TBD | TBD | 188 | Retail (Luxury); Perfumes; Q4 2024 spillover; 30% stake. |
| Q4 2025-Q1 2026 | Tabby (Buy Now Pay Later) | TAB/Tadawul | TBD | TBD | TBD | 1,000+ | Fintech; Unicorn; $7B funding; GCC credit growth; Valuation $5B+. |
- Notes: Pipeline totals $5-10B; 27 potential Saudi IPOs in 2025 (EY); CMA approvals for 5 in Mar (e.g., Sport Clubs). Family/private firms dominate; Approval valid 6 months.
Notable New and Upcoming IPOs in 2025
- Flynas
- Raised: US$1.1 billion.
- Description: Low-cost carrier; 30% stake. May-Jun subscription; +5% post-debut. Valuation ~US$3.7B; Funds fleet/tourism; Vision 2030 airline.
- Entaj
- Raised: ~US$500 million.
- Description: Agri-industrial; Poultry/food. Feb listing +10%; Valuation ~US$1.7B; 30% stake; Food security focus.
- Almoosa Health Company
- Raised: US$765 million.
- Description: Riyadh hospitals; 30% stake. Q1 +12%; Valuation ~US$2.5B; 373% oversubscribed; Healthcare privatization.
- Panda Retail Co.
- Expected Raise: US$300-500 million.
- Description: Convenience stores; Family-owned. Q4; Valuation ~US$1B; Consumer diversification.
- Riyad Capital
- Expected Raise: US$200-400 million.
- Description: Investment banking; Riyad Bank unit. Q4; Valuation ~US$1.3B; Wealth mgmt growth.
- Tabby
- Expected Raise: US$1 billion+.
- Description: BNPL unicorn; GCC focus. Q4-Q1; Valuation $5B+; $7B prior funding; Credit expansion.
This covers Saudi Arabia's 2025 IPO landscape. For real-time updates, check Tadawul (saudiexchange.sa). If you need details on a specific company or sector, let me know!