07-05-2025
Saudi IPOs top MENA; proceeds double to $2.4bln in Q1 2025
Proceeds of initial public offerings (IPOs) in the Middle East and North Africa (MENA) region have more than doubled on the back of significant activity in Saudi Arabia, according to EY.
Total proceeds during the first quarter of the year reached $2.4 billion, up by 106% year-on-year, as the number of listings rose to 14, from 10 in Q1 2024.
Saudi Arabia led in both activity and proceeds, recording 12 of the 14 listings in the region and with five offerings on the Saudi Stock Exchange (Tadawul) generating $1.8 billion and seven listings on the Nomu Parallel Market securing $69 million.
'KSA continues to dominate the MENA region's market in terms of activity as well as proceeds. In addition, the IPO pipeline for the rest of the year remains robust across various sectors and multiple countries,' said Brad Watson, MENA EY-Parthenon Leader.
Saudi Arabia-listed Um Al Qura for Development & Construction led with the largest IPO, raising $523 million, accounting for 22% of the total proceeds. Almoosa Health followed with $450 million, accounting for 19% of total proceeds, and Derayah Financial with $400 million.
The UAE saw one IPO during the quarter with Alpha Data raising $163 million on the Abu Dhabi Securities Exchange (ADX), while Oman's Muscat Stock Exchange (MSX) had one IPO with Asyad Shipping Company raising $333 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
