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Nomu, Saudi Arabia’s parallel market, is currently showing a modest revival in IPO activity, with a small but visible pipeline of SME listings progressing through approval, pre-marketing, and execution stages.
The current core of active or near-active issuers include Ziorak Company, a subsidiary of Mayar Holding, and Kesay Clinics.
Kesay Clinics a is floating 2 mn new shares — good for 5% of its IPO-capital of 40 mn shares. The company would be the first pure-play aesthetic medicine clinic group on the parallel market.
There is still no update on the progress of the offering, despite books closing on February 22, 2026. The Capital Markets Authority approved the offering on January 1, giving Kesay until July 1 to start trading on the parallel market.
This emerging activity comes after a period marked by multiple failed or withdrawn listings. Several IPOs, including those for Alkhaldi Logistics, Dome International Investment, Rawabi Marketing, and Alwazn Almithaly, were either cancelled or halted at various stages due to insufficient demand or execution constraints.
On the fixed-income front, Nomu-listed Academy of Learning Company obtained a Shariah-compliant credit facility worth $30.3 million from Riyad Bank to finance its expansion plans, and WSM for Information Technology is gearing up to debut debt instruments under a program worth up to SAR 500 million ($133 million). Intelligent Oud Trading (iOud) is also planning to issue a SAR-denominated sukuk through a public offering.
NomuC gained 0.78% in April, after losing 2.54% in Q1, 2026. April alone saw the trading of shares worth SAR 501 million ($133.5 million) - that is 44% of the total amount traded in the first three months of the year. Market cap saw a marginal increase of 1% in April to SAR 39.21 billion ($10.45 billion).
(Writing by Ahmad Mousa; editing by Seban Scaria)
