Saudi Arabia’s Capital Market Authority (CMA) has approved three initial public offerings (IPOs) as the surge in listings on the kingdom's bourses continues.

Saudi Arabia, which is the biggest regional market, raised $3.8 billion through 13 IPOs in the first quarter of 2022, according to PwC, accounting for around 87% of the quarter’s proceeds from the region.

The market regulator on Monday approved an application from Power and Water Utility Co. for Jubail and Yanbu to sell 29.24% of share capital.

Saudi Top for Trading got the greenlight from the regulator to float 22% of its share capital on Nomu-Parallel Market, the alternative exchange where lighter listing requirements apply.

Molan Steel's 20.02% stake sale and listing on Nomu was also approved.

The boom in Saudi IPO activity which began last year has continued unabated this year with IPOs spanning various sectors that include consumer, technology, basic materials, healthcare and energy.

According to CMA data, there have been 10 listings on the TASI main market while Nomu saw 11 IPOs listed so far this year. Recently, Arabian Drilling announced its intention to float 30% stake next month.

(Reporting by Brinda Darasha; editing by Cleofe Maceda)