• Diverse mix of companies coming to market in Q1 including privately owned and family businesses
  • Saudi Arabia continues to lead regional IPO activity, contributing to 69% of total GCC IPO proceeds
  • Consumer markets the most active sector in Q1, accounting for 42% of total IPO proceeds

Dubai, UAE – PwC Middle East has released its IPO Watch Q1 2025 report, providing a comprehensive analysis of equity capital market activity across the GCC in the first quarter. The report highlights a strong start to the year, with 11 IPOs raising a total of US$1.6bn, up from US$1.2bn across 10 listings in Q1 2024, demonstrating continued positive investor sentiment in the region’s capital markets, despite prevailing global uncertainties.

Saudi Arabia contributed US$1.1bn, which accounts for 69% of total IPO proceeds. This strong performance stems from three main market listings and momentum on the Nomu parallel market, where six listings raised an additional US$62m, reinforcing the Kingdom’s role as a regional engine of capital markets development.

In the UAE, digital transformation and system integrator Alpha Data raised US$163m on the Abu Dhabi Exchange. Oman, meanwhile, made headway in its privatisation journey with the listing of Asyad Shipping on the Muscat Stock Exchange, raising US$333m, demonstrating the region’s commitment to diversifying capital markets and unlocking new value for investors.

Muhammad Hassan, Capital Markets Leader at PwC Middle East, stated: “Recent global macroeconomic developments resulting from trade tariffs have had a pronounced impact on both global and GCC equity markets as well as oil prices. Although increased volatility and market uncertainty affects IPO activity in the short term, we remain positive on the long-term outlook of regional capital markets. Therefore, it’s imperative that prospective issuers remain prepared to take advantage of potential IPO opportunities.”

GCC markets have shown notable resilience, despite external pressures. The S&P GCC Composite Index, for example, recovered from a sharp dip in early April and is now trading just 1% below where it began the year, highlighting regional investor confidence and market stability.

Consumer markets were the leading sector in Q1 2025, accounting for 42% of total IPO proceeds. This trend underscores investor interest in retail and lifestyle-driven businesses and signals continued growth in sectors closely aligned with evolving consumer behaviours across the region.

The report also highlights increased activity in the region’s debt capital markets. Bond issuance surged to US$4.6bn in Q1 2025, up from US$1.6bn during the same period last year. Sukuk issuance also saw growth reaching US$4.1bn. Notably, 70% of all GCC bonds and sukuks issued during the quarter were issued on Nasdaq Dubai, affirming the Emirate’s position as a key regional hub for fixed income instruments.

Read the full report here.

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