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The Markaz report placed total GCC IPO proceeds for 2025 at $5.1 billion across 40 offerings, a 61 percent decline from $13.2 billion raised the previous year through 53 listings. Corporate issuers accounted for 76 percent of the volume with $3.9 billion from 37 deals while government-related entities supplied the remaining 24 percent or $1.2 billion from three transactions. Saudi listings drove nearly all of the activity and underscored the Kingdom’s expanding role in regional capital raising, according to the Kuwait-based financial services firm.
On the Saudi Exchange, 13 main market IPOs generated $3.7 billion while the Nomu parallel market hosted 23 listings that raised an additional $336 million, the analysis showed. The industrials sector captured 37 percent of regional proceeds with $1.9 billion, paced by the flynas offering that contributed $1.1 billion alone. Real estate followed at 23 percent with $1.2 billion from seven IPOs and healthcare added $508 million from three listings, Markaz data indicated.
Elsewhere in the GCC the United Arab Emirates raised $544 million, Oman secured $333 million and Kuwait generated $180 million while Bahrain and Qatar recorded no IPOs during the period, the report detailed. Post-listing share performance varied widely with Ratio Speciality Co. posting a 190 percent gain and Smoh Almadi declining about 60 percent in the months after debut. Several other newly listed companies delivered mixed results that reflected differing investor sentiment across sectors.
Equity market indices produced uneven returns with the Oman index advancing 28.1 percent for the year while Saudi Arabia’s Tadawul fell 12.8 percent, according to the Markaz assessment. The performance occurred against global economic conditions that tempered appetite for new listings throughout the six-nation bloc. Markaz noted that stable interest rates and continued divestment programs could lift activity in 2026.
The results align with Saudi Arabia’s Vision 2030 program that has prioritized capital market expansion to reduce oil dependence and broaden financing channels for private enterprise. Tadawul data show the exchange’s market capitalization exceeded SAR 10.5 trillion by early 2026 with more than 340 companies listed across its main and parallel boards. Between 2022 and 2025 more than 80 IPOs raised aggregate proceeds of nearly SAR 95 billion, assessments tied to the national transformation plan indicate.
The Financial Sector Development Program has set a target of lifting capital markets’ contribution to GDP to 110 percent by 2030 from around 80 percent in 2020, according to official program documents. Activity on the Nomu board in particular has provided an entry point for smaller high-growth firms seeking public capital. Markaz expects Saudi-led divestments and improved market conditions to support higher GCC IPO volumes next year.
