The Gulf IPO market raised $2.4 billion in the second quarter of 2025 across four main market listings and eight offerings on Saudi Arabia’s Nomu Parallel Market, according to PwC Middle East. The figure was broadly in line with Q2 2024, which saw $2.6 billion raised, despite a slowdown in the number of transactions.
Saudi Arabia accounted for 76% of IPO proceeds in the region, led by the $500 million listing of healthcare firm Specialized Medical Co. and the $700 million offering by Flynas, the first airline IPO in the Gulf in over 15 years. The Nomu market recorded $128 million across eight listings, up from $81 million a year earlier.
Three IPOs in the quarter each raised more than $500 million, reflecting sustained institutional interest and larger deal sizes. Dubai Residential REIT listed on the DFM in the first UAE real estate investment trust IPO since 2014, signalling renewed momentum in the alternative asset space.
Equity market performance was mixed across the Gulf. The DFM rose 15% and the ADX gained 7% in Q2, buoyed by real estate, financials, and industrials. The Saudi Tadawul index declined 6%, weighed by a nearly 20% fall in Brent crude prices over the period.
Bond and sukuk issuance in the GCC rose sharply from the same quarter last year. Bond issuance reached $4.9 billion, compared to $0.5 billion in Q2 2024. Sukuk issuance climbed to $11.4 billion, up from $9.7 billion.
PwC noted that market volatility earlier in the quarter, driven by concerns over global trade tariffs and geopolitical uncertainty, led some companies to delay listing plans. However, investor appetite remained strong, and the pipeline for late 2025 and early 2026 includes a range of sectors and jurisdictions.
While Q3 is historically slower for IPOs due to seasonal factors, PwC said issuers in the Gulf are preparing to return to the market later in the year, with the UAE and Saudi Arabia expected to remain the primary venues.
