• In 2025, the MENA region saw 49 IPOs, raising US$7.3b in total proceeds
  • The pipeline for IPOs in MENA remains strong, with 18 companies and funds intending to list on the region’s exchanges

Dubai, UAE – According to the EY MENA IPO Eye Q4 2025 report, MENA capital markets recorded 10 initial public offerings (IPOs) during Q4 2025, raising total proceeds of US$1.7b.

First day share price performance for Q4 2025 varied, with most of the listings in the Kingdom of Saudi Arabia (KSA) remaining static or declining at the end of the first trading day with the remaining listings performing more positively. Trading performance has also been challenging for several IPOs in the region, with some planned listings postponed or pulled amid weaker demand and more selective investor sentiment.

Brad Watson, EY-Parthenon MENA Leader, says:

“IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focused on quality, fundamentals and execution, reflecting an increasingly sophisticated market environment. The depth of capital available and the diversity of listings underscore the region’s growing role as a destination for public market activity.”

During Q4 2025, Société Générale des Travaux du Maroc (SGTM) led the region in terms of proceeds, raising US$525.4m on the Casablanca Stock Exchange, which represented 30.4% of the total proceeds. This was followed by Alec Holdings PJSC, which raised US$381.2m on the Dubai Financial Market (DFM), accounting for 22% of the quarter’s proceeds. No direct listings were recorded in the MENA region during the quarter.

IPOs during the period spanned a range of sectors, including real estate, construction, energy, retail, transportation and industrials, reflecting continued progress in broadening the region’s capital markets and strengthening economic diversification.

KSA continues to lead in listing activity

In the fourth quarter of 2025, KSA remained the most active market with six IPOs that together raised US$561.6m. Cherry Trading Company, Al Masar Al Shamil Education Company, Consolidated Gruenenfelder Saady Holding Co. and Alramz Real Estate Company listed on the Tadawul Main Market with the combined proceeds of US$546.7m. The remaining two listings occurred on the Nomu – Parallel Market, raising US$14.8m in total.

Kuwait, Morocco and the United Arab Emirates (UAE) accounted for the rest of the IPO activity during the quarter.

Overall IPO activity in 2025

Across 2025, the MENA region saw 49 IPOs, raising US$7.3b in total proceeds. When compared year-on-year with 2024, the total number of IPOs decreased by 9.3% from the 54 listed with total proceeds declining by 41.8% from the US$12.6b raised.

The majority of listings in 2025 were from KSA, which accounted for 39 IPOs, raising a total of US$4.9b.

Though both investors and companies maintained their disciplined approach, the year was characterized by steady issuance activity, underpinned by ongoing economic diversification, regulatory development, and growing capital market depth across the region.

Gregory Hughes, EY-Parthenon MENA IPO Leader, says:

“The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list.”

Regulatory developments continue to support capital market growth

Regulatory initiatives across the region continue to enhance market transparency, governance and access to capital. These efforts are contributing to deeper, more resilient capital markets and are expected to support sustained IPO activity as regional exchanges evolve.

IPO pipeline remains active heading into 2026

The outlook for MENA IPOs remains positive, with 18 companies and funds signaling their intention to list across the region’s exchanges in early 2026. Expected listings include sectors such as logistics, utilities, technology, manufacturing and industrials, reflecting strong momentum across diversified areas of the economy.

About EY  |   Building a better working world

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fuelled by sector insights, a globally connected, multidisciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

The MENA practice of EY has been operating in the region since 1923. Over the past 100 years, we have grown to over 8,500 people united across 27 offices and 14 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region.

© 2025 EYGM Limited.

All Rights Reserved.

ED None

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice.

ey.com

Ewan Abbasi                                                                             Tomader Alrehaili
MENA Public Relations                                                              MENA Public Relations
ewan.abbasi@ae.ey.com                                                           tomader.alrehaili@sa.ey.com