IPO-focused funds category reported the weakest performance compared with other Saudi equity fund categories
IPO-focused investment funds investing in Saudi equities recorded the weakest performance among Saudi equity fund categories in 2025, an Argaam study showed. 
The category, which includes 10 funds out of nearly 340 operating in the Saudi market, posted losses across all portfolios by year-end.
SEDCO Capital IPO Fund, managed by SEDCO Capital, recorded the steepest decline, falling about 30%, making it the worst-performing fund across all categories during the year.
The fund aims to achieve medium- to long-term capital growth by primarily investing in initial public offerings (IPOs), IPOs of listed real estate investment traded funds (REITs), and rights issues of companies listed on the Saudi capital market, including the Main Market and the Nomu Parallel Market, in compliance with Shariah standards.
Osool Bakheet IPO Fund, managed by Osool Bakheet Investment, ranked second, recording a decline of about 24%.
The fund seeks capital growth by mainly investing in shares of IPOs of Saudi joint-stock companies, as well as shares of newly listed firms in the Saudi market during their first five years after listing, or the most recent 20 companies listed.
Osool Bakheet IPO Trading Fund Sharia Compliant, also managed by Osool Bakheet Investment, ranked third, declining nearly 23.9% during the year.
The fund aims to grow capital by investing in shares of IPOs of Saudi joint-stock companies and may invest in these shares during the first five years following their listing, or in the most recent 20 companies listed in the market.
IPO-Focused Funds with Steepest Decline in 2025
Fund
Fund Manager
NAV
(SAR mln)
Change% (YoY)
SEDCO Capital IPO Fund
SEDCO Capital
50.1
(30.0%)
Osool Bakheet IPO Fund
Osool Bakheet
29.6
(24.2%)
Osool Bakheet IPO Trading Fund Sharia Compliant
Osool Bakheet
2.8
(23.9%)
Value IPO Fund
Value Capital
9.1
(23.3%)
Alinma IPO Fund
Alinma Investment
148.2
(23.2%)
Saudi Fransi GCC IPO Fund
BSF Capital
186.5
(20.1%)
Yaqeen IPO Fund
Yaqeen Capital
38.7
(19.8%)
Alkhair Capital IPO Fund
AlKhair Capital
12.8
(18.3%)
ANB Capital IPO Fund (Shariah)
ANB Capital
239.8
(16.1%)
BMK IPO Equity Fund
BMK
3.9
(7.6%)
IPO-focused funds category reported the weakest performance compared with other Saudi equity fund categories
IPO-focused investment funds investing in Saudi equities recorded the weakest performance among Saudi equity fund categories in 2025, an Argaam study showed.
The category, which includes 10 funds out of nearly 340 operating in the Saudi market, posted losses across all portfolios by year-end.
SEDCO Capital IPO Fund, managed by SEDCO Capital, recorded the steepest decline, falling about 30%, making it the worst-performing fund across all categories during the year.
The fund aims to achieve medium- to long-term capital growth by primarily investing in initial public offerings (IPOs), IPOs of listed real estate investment traded funds (REITs), and rights issues of companies listed on the Saudi capital market, including the Main Market and the Nomu Parallel Market, in compliance with Shariah standards.
Osool Bakheet IPO Fund, managed by Osool Bakheet Investment, ranked second, recording a decline of about 24%.
The fund seeks capital growth by mainly investing in shares of IPOs of Saudi joint-stock companies, as well as shares of newly listed firms in the Saudi market during their first five years after listing, or the most recent 20 companies listed.
Osool Bakheet IPO Trading Fund Sharia Compliant, also managed by Osool Bakheet Investment, ranked third, declining nearly 23.9% during the year.
The fund aims to grow capital by investing in shares of IPOs of Saudi joint-stock companies and may invest in these shares during the first five years following their listing, or in the most recent 20 companies listed in the market.
IPO-Focused Funds with Steepest Decline in 2025
Fund
Fund Manager
NAV
(SAR mln)
Change% (YoY)
SEDCO Capital IPO Fund
SEDCO Capital
50.1
(30.0%)
Osool Bakheet IPO Fund
Osool Bakheet
29.6
(24.2%)
Osool Bakheet IPO Trading Fund Sharia Compliant
Osool Bakheet
2.8
(23.9%)
Value IPO Fund
Value Capital
9.1
(23.3%)
Alinma IPO Fund
Alinma Investment
148.2
(23.2%)
Saudi Fransi GCC IPO Fund
BSF Capital
186.5
(20.1%)
Yaqeen IPO Fund
Yaqeen Capital
38.7
(19.8%)
Alkhair Capital IPO Fund
AlKhair Capital
12.8
(18.3%)
ANB Capital IPO Fund (Shariah)
ANB Capital
239.8
(16.1%)
BMK IPO Equity Fund
BMK
3.9
(7.6%)
