Despite the decline, Saudi Arabia continued to dominate regional listings, and the GCC IPO pipeline is expected to strengthen in 2026.
In its report titled Initial Public Offerings in GCC markets, Markaz said the region recorded 40 IPOs by 2025, raising a total of $5.1bn.
This represents a 61 per cent decrease compared to last year, when issuers raised $13.2bn through 53 offerings.
Corporate IPOs accounted for $3.9bn, or 76 per cent of the GCC’s total proceeds, across 37 offerings. IPOs of government-related companies contributed the remaining 24 per cent, raising $1.2bn in three offerings.
GCC IPOs
Saudi Arabia led the GCC in IPO funding, raising $4.1bn, equivalent to 79 per cent of the region’s total capital. The Saudi Exchange (Tadawul) recorded 13 IPOs on its Main Market, raising $3.7bn, and 23 IPOs on its Parallel Market (Nomu), which generated $336m.
The UAE saw two IPOs during the year. The Abu Dhabi Securities Exchange raised $163m in an Alpha Data IPO, while the Dubai Financial Market raised $381m in an Alec Holdings IPO.
Oman has raised $333m, or 7 per cent of total GCC revenue, through an Asyad Shipping Company IPO on the Muscat Securities Market. Kuwait recorded the IPO of Action Energy Company in the last quarter of the year, raising $180m, representing 4 percent of the GCC’s total revenue.
The Industrial sector led the way in fundraising in 2025, raising $1.9bn and accounting for around 37% of the total. The biggest contribution came from Saudi Arabia’s Flynas, which raised $1.1bn.
Real Estate followed with $1.2bn, or 23 per cent of the total, from seven IPOs including Umm Al Qura Development and Construction and Dar Al Majed Real Estate Company.
The healthcare sector raised $508m, representing 10 per cent of the proceeds, through three IPOs of SMC Hospitals in Tadawul Central Market and Basma Adeem and Wajd Life Trading Company in Nomu.
Consumer discretionary companies raised $479m, or 9 per cent of total capital, through 10 IPOs, all in Saudi Arabia. Financial Services raised $400m through Derayah Financial Company’s IPO on Tadawul, including 8 percent of GCC’s revenue. Technology, Energy, Materials and Consumer Basics represent 4 percent, 4 percent, 3 percent and 3 percent of total contributions respectively.
Listing performance
Markaz noted that the best-performing IPOs of 2025 benefited from an attractive offering price, strong post-listing liquidity and exposure to sectors with clear growth or defensive features. Tadawul’s and Nomu’s Stock Market listings were supported by broad investor participation and sustained demand.
The strongest players were Ratio Specialty Company, listed on Nomu in March 2025, the shares increased by 190 percent to the offering price of SAR 10 ($2.67).
In contrast, some IPOs delivered poor performance due to over-valuation, limited liquidity and exposure to low-growth or margin-pressured sectors. The weakest performer was Smoh Almadi, listed on Nomu in January 2025, with shares down 60 percent from their offer price of SAR 22 ($5.87).
GCC equity markets in 2025
Most GCC equity indices ended 2025 on a positive note. The Muscat Securities Market outperformed regional peers with a gain of 28.1 percent, followed by Boursa Kuwait, which rose 25.3 percent. The Dubai Financial Market rose 17.2 percent, while the Abu Dhabi Exchange gained 6.1 percent. The Bahrain Bourse and Qatar Stock Exchange recorded gains of 4.1 percent and 1.8 percent respectively.
In contrast, the Saudi Tadawul fell 12.8 percent for the year.
An overview of the IPO pipeline
Markaz said GCC IPO activity is expected to increase in 2026 compared to 2025, supported by stable global interest rates and ongoing demonetization programs.
By strengthening investor confidence and improving regulatory frameworks, the region is likely to attract a wider range of companies preparing for public offerings.
