EY reported that the capital markets of the Middle East and North Africa registered 10 initial public offerings in Q4 2025, generating total proceeds of $1.7 billion.
The company reported in its MENA IPO Eye Q4 2025 report that this surge was dominated by regional heavyweight Saudi Arabia that continued to be the most active market in terms of nettings of six IPOs during the three months of the year.
First day share price performance varied, with the majority of the listings in the Kingdom of Saudi Arabia (KSA) remaining unchanged or falling at the close of the first trading day, with the other listings performing better in Q4 2025.
Several IPOs in the region have also been struggling with trading performance, and some of their planned listings have been postponed or cancelled due to poorer demand and more discerning investor interest.
Brad Watson, EY-Parthenon Mena Leader, said, “IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focused on quality, fundamentals, and execution, reflecting an increasingly sophisticated market environment. The depth of capital available and the diversity of listings underscore the region’s growing role as a destination for public market activity.”
KSA was the busiest market in the fourth quarter of 2025, hosting six IPOs, which collectively raised $561.6 million.
Cherry Trading Company, Al Masar Al Shamil Education Company, Consolidated Gruenenfelder Saady Holding Co., and Alramz Real Estate Company were introduced into the Tadawul Main Market with the joint proceeds of $546.7 million.
However, the other two listings were on the Nomu, Parallel Market, and collected a total of $14.8 million. The remaining IPO activity in the quarter was recorded in Kuwait, Morocco, and the United Arab Emirates (UAE).
In the fourth quarter of 2025, Société Générale des Travaux du Maroc (SGTM) was the most active in proceeds with an amount of $525.4 million in the center of the Casablanca Stock Exchange that constituted 30.4 percent of the total proceeds. In the Mena region, there were no direct listings made in the quarter.
The range of the IPOs of the period consisted of real estate, construction, energy, retail, transportation, and industrials, which indicates the ongoing expansion of the capital markets of the region and the enhancement of its economic diversification.
The Mena region experienced 49 IPOs with total proceeds amounting to $7.3 billion across 2025. On an annual basis, compared to 2024, the total number of IPOs went down by 9.3 percent, compared to 54 listed in the year, and the total proceeds fell by 41.8 percent, compared to the $12.6 billion raised.
Therefore, most of the listings in 2025 were by KSA, which represented 39 IPOs and had a total of US $4.9 billion. Despite the disciplined approach of both investors and companies, the year was marked by the consistent issuance, supported by the continued economic diversification, regulatory progress, and the deepening of capital markets throughout the region.
Gregory Hughes, EY-Parthenon MENA IPO Leader, stated, “The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list.”
Regulatory efforts throughout the region have helped to increase transparency in the market, governance, and access to capital. Such initiatives are yielding to more robust and resilient capital markets and are likely to continue to drive the IPOs activity as the regional exchanges develop.
The future of MENA IPOs continues to be optimistic as 18 firms and funds are indicating that they intend to list on the exchanges of the region early in the year 2026.
TradeArabia News Service added that the industries that are expected to be listed would be those of logistics, utilities, technology, manufacturing, and industrials, with good momentum in the diversified spheres of the economy.
