The Saudi capital market (TASI and Nomu) maintained strong IPO momentum during 2025, with a total of 38 company listings, in addition to one exchange-traded fund (ETF).
During 2025, the Main Market (TASI) saw 13 companies conduct initial public offerings, along with one ETF offered through a public offering, namely Albilad MSCI Saudi Equity ETF.
Meanwhile, the Parallel Market (Nomu) witnessed 24 offerings to qualified investors, in addition to one direct listing, as shown in the table below:
Offerings During 2025
Offering Method
Number in 2024
Number in 2025
IPOs in TASI
14
13
ETFs offered through public offerings
3
1
REITs
1
0
Public offerings to investors in Nomu
28
24
Direct listings in Nomu
3
1
Total
49
39
The 13 IPOs completed in 2025 comprised approximately 539.7 million shares, with a total value of SAR 14.5 billion.
Development of IPOs in TASI Since 2007:
IPOs in TASI Since 2007
Period
No. of IPOs
Number of Shares (mln)
Total Offering Value (SAR bln)
2007
26
1.41*
18.04
2008
13
2.63*
36.39
2009
11
338.70
3.88
2010
9
245.35
3.83
2011
5
116.90
1.73
2012
7
257.40
5.32
2013
5
134.25
1.96
2014
6
587.50
25.23
2015
4
99.60
4.15
2016
3
55.76
2.79
2017
1
4.50
0.23
2018
2
28.72
1.06
2019
5
3.12*
99.81
2020
3
102.54
5.25
2021
9
235.60
17.18
2022
17
680.91**
31.42
2023
8
476.05
11.90
2024
14
531.65
14.21
2025
10
539.70
14.46
*bln shares
**Includes only Saudi retail shares in the Americana IPO.
The Capital Market Authority (CMA) approved several companies during 2025 whose IPOs have not yet been completed, including: Saleh Abdulaziz Al Rashed Sons, Al-Romansiah Co., Alandalus Education, Dar Albalad for Business Solutions, and Mutlaq Al-Ghowairi Contracting Co.
During the year, one IPO on TASI was canceled, namely EFSIM Facilities Management, following consultations with its financial advisor.
Several IPOs in TASI during 2025 saw strong subscription coverage from both institutions and retail investors. flynas IPO was the largest of the year, raising approximately SAR 4.1 billion.
However, recent IPOs showed a decline in retail subscription coverage, dropping to 70.9% and then 36% in the last two offerings, as illustrated below:
Main Market IPOs in 2025
Company
No. of Offered Shares
(mln shares)
Offer Price (SAR)*
Offer Volume (SAR mln)
Institutional Coverage
Retail Coverage
Retail Funds Raised (SAR bln)
Derayah Financial
49.95
30.00
1498.41
162x
15.1x
2.26
Entaj
9.00
50.00
450.00
208.4x
30.2x
1.4
Masar
130.79
15.00
1961.79
241x
20x
3.93
UCIC
12.00
50.00
600.00
126x
8.9x
1.07
flynas
51.26
80.00
4100.45
100x
3.5x
2.9
SMC Healthcare
75.00
25.00
1875.00
64.7x
1.45x
0.54
Sport Clubs
34.32
7.50
257.40
44.1x
5.3x
0.25
Build Station
4.80
85.00
408.00
9.7x
2.0x
0.16
Almajdiah
90.00
14.00
1260.00
107x
2.78x
0.70
Cherry Rent a Car
9.00
28.00
252.00
85.6x
6.47x
0.33
Almasar Alshamil
30.72
19.50
599.05
102.9x
1.21x
0.22
CGS
30.00
10.00
300.00
61.6x
70.9%
0.043
Alramz Real Estate
12.86
70.00
900.20
11.1x
36%
0.065
*Offer prices are not adjusted for any capital changes, if applicable.
In 2025, 24 companies conducted offerings to qualified investors on Nomu, comprising 52.5 million shares valued at SAR 1.27 billion, in addition to one direct listing.
The CMA also approved offerings for several companies during the year, including Afaq Al Arabiya for Transportation Storage Co., Quality Education, Sajida International, Hamad M. Aldrees Partners Co., Al-Rahden, Kesay Clinics, and Mutlaq Al-Ghowairi Contracting Co.
CMA approvals remain valid for six months from the CMA’s resolution date and lapse if the offering and listing are not completed within this period.
Several companies—Alwazn Almithaly, Lavenco, Al Khaldi Logistics, Dome, and Rawabi—cancelled their planned offerings and listings on Nomu during the year due to insufficient subscription coverage.
Development of IPOs on Nomu
Period
Number of IPOs
No. of Shares (mln)
Total Offering Value (SAR mln)
2017
9
20.48
752.25
2018
1
1.20
32.40
2019
—
—
—
2020
1
1.25
30.00
2021
6
8.59
1940.97
2022
17
21.25
1257.72
2023
27
25.26
1094.36
2024
28
65.26
1113.00
2025
24
52.54
1274.77
Most offerings to qualified investors on Nomu were oversubscribed multiple times, as shown below:
Nomu IPOs in 2025
Company
No, of Offered Shares
(‘000 shares)
Offer Price (SAR)*
Offer Volume (SAR mln)
Coverage
ITMAM Consulting Co.
3000
15.00
45.00
230.25%
Alshehili
500
80.00
40.00
231.8%
Smile Care
4000
4.40
17.60
1981.3%
LAMASAT
6000
5.75
34.50
1101.3%
Hedab Alkhaleej
800
52.00
41.60
173%
RATIO
5000
10.00
50.00
865%
Future Vision for Health Training
2000
7.00
14.00
513.3%
Service Equipment
720
84.00
60.48
147%
DKHOUN
400
121.00
48.40
119.2%
Adeer Real Estate
1000
85.00
85.00
679.7%
Axelerated Solutions
3000
27.00
81.00
208.1%
Al Kuzama Trading
422.4
107.00
45.20
108.4%
Asas Markeen
1000
80.00
80.00
1949%
Anmat
5000
9.50
47.50
285.51%
Hawyia Auctions
2400
13.00
31.20
310.7%
Time
200
80.00
16.00
141.4%
Naf
400
76.00
30.40
111%
Signworld
1500
12.00
18.00
108.74%
Hamad Mohammed Bin Saedan Real Estate
4235.3
13.50
57.18
114.19%
Wajd Life
2500
5.70
14.25
179.34%
Jamjoom Fashion
2384.3
145.00
345.73
450%
Sahat Almajd
4375.0
7.00
30.63
110.39%
Abdul Aziz Al-Tuwaijri Trading
1000.0
25.00
25.00
121.85%
Khaled Dhafer and Brothers
700.0
23.00
16.10
101.98%
*Prices are not adjusted for any capital changes, if applicable.
As for direct listings in the market, only one took place during the past year, as shown in the table below:
Development of Direct Listings
Period
No. of Listings
2020
1
2021
8
2022
13
2023
6
2024
3
2025
1
Direct Listing in Nomu
Company
Listing Date
Guidance Price (SAR)*
Twareat Medical Care
Jan. 29
12.00*
The Saudi market capitalization declined by the end of 2025 to approximately SAR 8.8 trillion, down by around SAR 1.36 trillion compared with 2024.
Development of Saudi Market Capitalization
Period
Market Capitalization (SAR bln)
Index Value (Point)
2001
274.53
2430
2002
280.73
2518
2003
589.93
4437
2004
1148.60
8206
2005
2438.20
16713
2006
1225.86
7934
2007
1946.35
11039
2008
924.53
4803
2009
1195.51
6121
2010
1325.39
6621
2011
1270.84
6418
2012
1400.34
6801
2013
1752.86
8536
2014
1812.89
8333
2015
1579.06
6912
2016
1681.95
7210
2017
1689.60
7226
2018
1858.95
7827
2019
9025.44
8389
2020
9101.81
8690
2021
10009.15
11282
2022
9878.10
10478
2023
11259.32
11967
2024
10200.23
12037
2025
8817.60
10491
The Saudi capital market (TASI and Nomu) maintained strong IPO momentum during 2025, with a total of 38 company listings, in addition to one exchange-traded fund (ETF).
During 2025, the Main Market (TASI) saw 13 companies conduct initial public offerings, along with one ETF offered through a public offering, namely Albilad MSCI Saudi Equity ETF.
Meanwhile, the Parallel Market (Nomu) witnessed 24 offerings to qualified investors, in addition to one direct listing, as shown in the table below:
Offerings During 2025
Offering Method
Number in 2024
Number in 2025
IPOs in TASI
14
13
ETFs offered through public offerings
3
1
REITs
1
0
Public offerings to investors in Nomu
28
24
Direct listings in Nomu
3
1
Total
49
39
The 13 IPOs completed in 2025 comprised approximately 539.7 million shares, with a total value of SAR 14.5 billion.
Development of IPOs in TASI Since 2007:
IPOs in TASI Since 2007
Period
No. of IPOs
Number of Shares (mln)
Total Offering Value (SAR bln)
2007
26
1.41*
18.04
2008
13
2.63*
36.39
2009
11
338.70
3.88
2010
9
245.35
3.83
2011
5
116.90
1.73
2012
7
257.40
5.32
2013
5
134.25
1.96
2014
6
587.50
25.23
2015
4
99.60
4.15
2016
3
55.76
2.79
2017
1
4.50
0.23
2018
2
28.72
1.06
2019
5
3.12*
99.81
2020
3
102.54
5.25
2021
9
235.60
17.18
2022
17
680.91**
31.42
2023
8
476.05
11.90
2024
14
531.65
14.21
2025
10
539.70
14.46
*bln shares
**Includes only Saudi retail shares in the Americana IPO.
The Capital Market Authority (CMA) approved several companies during 2025 whose IPOs have not yet been completed, including: Saleh Abdulaziz Al Rashed Sons, Al-Romansiah Co., Alandalus Education, Dar Albalad for Business Solutions, and Mutlaq Al-Ghowairi Contracting Co.
During the year, one IPO on TASI was canceled, namely EFSIM Facilities Management, following consultations with its financial advisor.
Several IPOs in TASI during 2025 saw strong subscription coverage from both institutions and retail investors. flynas IPO was the largest of the year, raising approximately SAR 4.1 billion.
However, recent IPOs showed a decline in retail subscription coverage, dropping to 70.9% and then 36% in the last two offerings, as illustrated below:
Main Market IPOs in 2025
Company
No. of Offered Shares
(mln shares)
Offer Price (SAR)*
Offer Volume (SAR mln)
Institutional Coverage
Retail Coverage
Retail Funds Raised (SAR bln)
Derayah Financial
49.95
30.00
1498.41
162x
15.1x
2.26
Entaj
9.00
50.00
450.00
208.4x
30.2x
1.4
Masar
130.79
15.00
1961.79
241x
20x
3.93
UCIC
12.00
50.00
600.00
126x
8.9x
1.07
flynas
51.26
80.00
4100.45
100x
3.5x
2.9
SMC Healthcare
75.00
25.00
1875.00
64.7x
1.45x
0.54
Sport Clubs
34.32
7.50
257.40
44.1x
5.3x
0.25
Build Station
4.80
85.00
408.00
9.7x
2.0x
0.16
Almajdiah
90.00
14.00
1260.00
107x
2.78x
0.70
Cherry Rent a Car
9.00
28.00
252.00
85.6x
6.47x
0.33
Almasar Alshamil
30.72
19.50
599.05
102.9x
1.21x
0.22
CGS
30.00
10.00
300.00
61.6x
70.9%
0.043
Alramz Real Estate
12.86
70.00
900.20
11.1x
36%
0.065
*Offer prices are not adjusted for any capital changes, if applicable.
In 2025, 24 companies conducted offerings to qualified investors on Nomu, comprising 52.5 million shares valued at SAR 1.27 billion, in addition to one direct listing.
The CMA also approved offerings for several companies during the year, including Afaq Al Arabiya for Transportation Storage Co., Quality Education, Sajida International, Hamad M. Aldrees Partners Co., Al-Rahden, Kesay Clinics, and Mutlaq Al-Ghowairi Contracting Co.
CMA approvals remain valid for six months from the CMA’s resolution date and lapse if the offering and listing are not completed within this period.
Several companies—Alwazn Almithaly, Lavenco, Al Khaldi Logistics, Dome, and Rawabi—cancelled their planned offerings and listings on Nomu during the year due to insufficient subscription coverage.
Development of IPOs on Nomu
Period
Number of IPOs
No. of Shares (mln)
Total Offering Value (SAR mln)
2017
9
20.48
752.25
2018
1
1.20
32.40
2019
—
—
—
2020
1
1.25
30.00
2021
6
8.59
1940.97
2022
17
21.25
1257.72
2023
27
25.26
1094.36
2024
28
65.26
1113.00
2025
24
52.54
1274.77
Most offerings to qualified investors on Nomu were oversubscribed multiple times, as shown below:
Nomu IPOs in 2025
Company
No, of Offered Shares
(‘000 shares)
Offer Price (SAR)*
Offer Volume (SAR mln)
Coverage
ITMAM Consulting Co.
3000
15.00
45.00
230.25%
Alshehili
500
80.00
40.00
231.8%
Smile Care
4000
4.40
17.60
1981.3%
LAMASAT
6000
5.75
34.50
1101.3%
Hedab Alkhaleej
800
52.00
41.60
173%
RATIO
5000
10.00
50.00
865%
Future Vision for Health Training
2000
7.00
14.00
513.3%
Service Equipment
720
84.00
60.48
147%
DKHOUN
400
121.00
48.40
119.2%
Adeer Real Estate
1000
85.00
85.00
679.7%
Axelerated Solutions
3000
27.00
81.00
208.1%
Al Kuzama Trading
422.4
107.00
45.20
108.4%
Asas Markeen
1000
80.00
80.00
1949%
Anmat
5000
9.50
47.50
285.51%
Hawyia Auctions
2400
13.00
31.20
310.7%
Time
200
80.00
16.00
141.4%
Naf
400
76.00
30.40
111%
Signworld
1500
12.00
18.00
108.74%
Hamad Mohammed Bin Saedan Real Estate
4235.3
13.50
57.18
114.19%
Wajd Life
2500
5.70
14.25
179.34%
Jamjoom Fashion
2384.3
145.00
345.73
450%
Sahat Almajd
4375.0
7.00
30.63
110.39%
Abdul Aziz Al-Tuwaijri Trading
1000.0
25.00
25.00
121.85%
Khaled Dhafer and Brothers
700.0
23.00
16.10
101.98%
*Prices are not adjusted for any capital changes, if applicable.
As for direct listings in the market, only one took place during the past year, as shown in the table below:
Development of Direct Listings
Period
No. of Listings
2020
1
2021
8
2022
13
2023
6
2024
3
2025
1
Direct Listing in Nomu
Company
Listing Date
Guidance Price (SAR)*
Twareat Medical Care
Jan. 29
12.00*
The Saudi market capitalization declined by the end of 2025 to approximately SAR 8.8 trillion, down by around SAR 1.36 trillion compared with 2024.
Development of Saudi Market Capitalization
Period
Market Capitalization (SAR bln)
Index Value (Point)
2001
274.53
2430
2002
280.73
2518
2003
589.93
4437
2004
1148.60
8206
2005
2438.20
16713
2006
1225.86
7934
2007
1946.35
11039
2008
924.53
4803
2009
1195.51
6121
2010
1325.39
6621
2011
1270.84
6418
2012
1400.34
6801
2013
1752.86
8536
2014
1812.89
8333
2015
1579.06
6912
2016
1681.95
7210
2017
1689.60
7226
2018
1858.95
7827
2019
9025.44
8389
2020
9101.81
8690
2021
10009.15
11282
2022
9878.10
10478
2023
11259.32
11967
2024
10200.23
12037
2025
8817.60
10491
