Saudi Arabia led the IPO activity in the Gulf Cooperation Council (GCC) region during the second quarter of the year, with total proceeds reaching $1.8 billion.

The turnout, representing more than three quarters (76%) of the regional total, was supported by listings of companies like Flynas and Specialized Medical Co., according to PwC.

The kingdom’s Nomu market also helped bring in more IPO funds, raising a total of $128 million.

Across the GCC, the equity markets bagged a total of $2.4 billion in IPO proceeds, broadly in line with the same period last year, despite a drop in the number of listings.

The slower IPO activity across the region has been attributed to trade tariffs.

“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, Capital Markets Leader, Partner at PwC Middle East.

“The outlook remains cautiously optimistic for the remainder of the year subject to macroeconomic and geopolitical factors.”

Looking ahead, the region’s IPO market is still expected to see more offerings, with potential listings in late 2025 and early 2026. “The pipeline remains strong and diversified,” PwC said.

(Writing by Cleofe Maceda; editing by Brinda Darasha)