The first initial public offering of the year on the Saudi stock exchange concluded its debut session with a notable double-digit gain, signalling sustained investor appetite for new listings despite the backdrop of war.
Saleh Abdulaziz Al Rashed & Sons Co
Shares of Saleh Abdulaziz Al Rashed & Sons Co., a Riyadh-based company specialising in quarrying and construction materials, surged over 14% at closing on Wednesday.
The IPO successfully raised $67M on 11 March 2026, matching the size of the smallest listing from the previous year. The offering attracted significant interest, with its retail tranche oversubscribed by 161%.
Tadawul Resilience for FY26
The war enters its 14th day today, beginning on the 28 February.
Reports of an explosion in central Dubai were confirmed by UAE authorities today, citing a successful interception and falling “debris.”
The strike comes as UAE banks across DIFC close in-person operations, starting and extending work from home orders. Standard Chartered extended their work from home order whilst Citi and Goldman are instructing employees to work from home following Iranian threats to financial assets.
The Tadawul has shown resilience compared to other markets, with the Tadawul up 2% since the onset of hostilities.
Currently, four companies have CMA approval to pursue IPOs, focusing on sectors such as hospitality, IT and real estate: restaurant chain Alromansiah Company; IT company Dar Albalad For Business Solutions; contractors Mutlaq Al-Ghowairi Contracting Company; and developer AlDyar AlArabia Real Estate Development Company.
The Saudi PIF has indicated a shift towards private sector investment, which may further influence public market dynamics throughout the year, buoyed by any sustained price in oil per barrel.
On Friday, WTI crude futures opened at $95 per barrel after two days of sustained price hikes.
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