Initial public offering (IPO) activity across the Middle East and North Africa (MENA) raised $2.4 billion from 14 listings in the first quarter of 2025, according to EY’s latest MENA IPO Eye report. This represents a 144% increase in proceeds compared to Q1 2024 despite a marginal decline in the number of listings.
Saudi Arabia accounted for 12 of the 14 IPOs during the quarter, continuing to dominate the region’s listing landscape. Five companies listed on the Tadawul Main Market raised a combined $1.8 billion, while seven listings on the Nomu-Parallel Market generated $69 million.
The quarter’s largest IPO was from Umm Al Qura for Development and Construction, which raised $523 million. Almoosa Health followed with $450 million, and Derayah Financial raised $400 million. All three were listed on the Saudi Exchange.
Outside Saudi Arabia, Oman’s Asyad Shipping raised $333 million through its debut on the Muscat Stock Exchange. In the UAE, Alpha Data listed on the Abu Dhabi Securities Exchange, raising $163 million. The only direct listing for the quarter came from Twareat Medical Care on Nomu.
EY noted that 11 out of the 14 IPOs ended the quarter trading above their listing price. Umm Al Qura shares gained 60% post-listing, while Basma Adeem Medical Company rose 50% by the end of March 2025.
Sectorally, Saudi IPOs were spread across real estate, healthcare, financial services, consumer products, and industrials. EY observed that four of the quarter’s IPOs involved offering 30% or more of company equity to the public, a trend indicating increased investor participation and liquidity.
According to EY, the regional IPO pipeline remains active, with 21 offerings expected over the coming months. Saudi Arabia leads the pipeline with 17 anticipated listings, followed by three in the UAE and one in Egypt.
While regional capital markets remained resilient, EY cited ongoing macroeconomic volatility, geopolitical risk, and inflationary pressure as potential headwinds. In Q1 2025, the performance of major MENA equity markets was mixed. The Kuwait Premier Index rose 7%, and Egypt’s EGX 30 climbed 6.2%. Meanwhile, Qatar’s index dropped 7.4%, and Oman’s fell 3.3%. Saudi Arabia’s Tadawul All Share Index posted a slight decline of 0.4%.
EY also highlighted a growing focus on listings beyond traditional oil-linked sectors, with increased activity expected in technology, logistics, healthcare, and consumer industries as governments push for economic diversification.
