Regardless of the downturn, Saudi Arabia continued to dominate regional listings, whereas the GCC IPO pipeline is anticipated to strengthen in 2026.
In its report titled Preliminary Public Choices within the GCC markets, Markaz mentioned the area recorded 40 IPOs in 2025, elevating whole proceeds of $5.1bn.
This represents a 61 per cent lower in comparison with the earlier 12 months, when issuers raised $13.2bn via 53 choices.
Company IPOs accounted for $3.9bn, or 76 per cent of whole GCC proceeds, throughout 37 choices. IPOs by government-related entities contributed the remaining 24 per cent, elevating $1.2bn via three choices.
GCC IPOs
Saudi Arabia led the GCC in IPO proceeds, elevating $4.1bn, equal to 79 per cent of whole regional proceeds. The Saudi Alternate (Tadawul) recorded 13 IPOs on its Major Market, elevating $3.7bn, alongside 23 IPOs on its Parallel Market (Nomu), which generated $336m.
The UAE noticed two IPOs in the course of the 12 months. The Abu Dhabi Securities Alternate raised $163m via Alpha Information’s IPO, whereas the Dubai Monetary Market raised $381m through the Alec Holdings IPO.
Oman raised $333m, or 7 per cent of whole GCC proceeds, via the Asyad Transport Firm IPO on the Muscat Securities Market. Kuwait recorded the IPO of Motion Power Firm within the remaining quarter of the 12 months, elevating $180m, representing 4 per cent of whole GCC proceeds.
The Industrials sector led fundraising in 2025, elevating $1.9bn and accounting for practically 37 per cent of whole proceeds. The biggest contribution got here from Saudi Arabia’s Flynas, which raised $1.1bn.
Actual Property adopted with $1.2bn, or 23 per cent of whole proceeds, throughout seven IPOs together with Umm Al Qura for Improvement and Development and Dar Al Majed Actual Property Firm.
The Healthcare sector raised $508m, representing 10 per cent of whole proceeds, via three IPOs from SMC Hospitals on Tadawul’s Major Market and Basma Adeem and Wajd Life Buying and selling Firm on Nomu.
Client Discretionary firms raised $479m, or 9 per cent of whole proceeds, via 10 IPOs, all in Saudi Arabia. Monetary Providers raised $400m through Derayah Monetary Firm’s IPO on Tadawul, accounting for 8 per cent of GCC proceeds. Expertise, Power, Supplies and Client Staples represented 4 per cent, 4 per cent, 3 per cent and three per cent of whole choices respectively.
Put up-listing efficiency
Markaz famous that the top-performing IPOs of 2025 benefited from engaging supply pricing, robust post-listing liquidity and publicity to sectors with clear development or defensive traits. Listings on Tadawul’s Major Market and Nomu had been supported by broad investor participation and sustained demand.
The strongest performer was Ratio Specialty Firm, listed on Nomu in March 2025, with shares rising 190 per cent from their providing value of SAR 10 ($2.67).
Conversely, some IPOs delivered damaging efficiency because of overvaluation, restricted liquidity and publicity to low-growth or margin-pressured sectors. The weakest performer was Smoh Almadi, listed on Nomu in January 2025, with shares falling 60 per cent from their providing value of SAR 22 ($5.87).
GCC fairness markets in 2025
Most GCC fairness indices ended 2025 in constructive territory. The Muscat Securities Market outperformed regional friends with a 28.1 per cent acquire, adopted by Boursa Kuwait, which rose 25.3 per cent. Dubai Monetary Market elevated by 17.2 per cent, whereas the Abu Dhabi Alternate gained 6.1 per cent. Bahrain Bourse and the Qatar Inventory Alternate recorded beneficial properties of 4.1 per cent and 1.8 per cent respectively.
In distinction, Saudi Tadawul declined by 12.8 per cent over the 12 months.
IPO pipeline outlook
Markaz mentioned GCC IPO exercise is anticipated to extend in 2026 in contrast with 2025, supported by secure international rates of interest and ongoing divestment initiatives.
With strengthening investor confidence and evolving regulatory frameworks, the area is prone to appeal to a broader vary of firms making ready for public choices.
