Saudi Arabia’s Arabian Dyar (Aldyar Alarabiya) has dropped plans to proceed with its Tadawul IPO for now, a source with knowledge of the matter told Zawya, citing weak market sentiment that continues to weigh on investor appetite for new listings.

The real estate and construction firm had a June deadline to complete the offering.

The move makes Arabian Dyar the latest company to shelve IPO ambitions, as issuers grow increasingly wary of pushing ahead in a volatile environment that risks weak demand and discounted valuations. The developer had been targeting a valuation of around SAR 16 billion, a level some banks were already said to view as ambitious under current market conditions.

Separately, quick-delivery startup Ninja started testing investor appetite back in March, including holding meetings with investors in London, but has yet to decide whether to move forward with a listing. Ninja tapped Citigroup, Goldman Sachs, Riyad Capital, and UBS to advise on the potential Tadawul IPO that could raise USD 1 billion by late 2026 or early 2027.

Recent trading performance of newly listed companies paints a mixed picture. Dar Albalad, the latest entrant to the main market, is trading around 41% above its debut price. In contrast, mining firm Saleh Abdulaziz Al Rashed & Sons is trading roughly flat at its IPO price of SAR 45 per share.

(Reporting by Ahmad Mousa; editing by Seban Scaria) 
ahmad.mousa@lseg.com