In this report, Argaam announce the companies that received approval from the Capital Market Authority (CMA) to register and offer shares on the Main Market (TASI) and Nomu-Parallel Market but failed to complete their planned offerings and listings this year before the six-month approval period expired.
The CMA’s approval for an offering remains valid for six months from the date of the CMA board’s resolution.
It is deemed canceled if the company fails to complete the offering and listing within that period.
The approval period for three TASI-listed companies—Petrolube, The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ), and Berain Water Co.—expires today, Sept. 30.
The approval period for three other companies— Arabian Dyar Real Estate Development Co., Alandalus Educational Co., and Alromansiah Co. —expired earlier this year.
TASI-Listed Companies Whose IPO Approval Periods Have Expired
Company
Offering Size (mIn)
Offering
%
Approval Expiry
Activity
Petrolube
9
30%
Sep. 30
Manufactures lubricants and greases, with plants in Jeddah, Riyadh, and Dubai.
Its products are distributed across more than 50 countries.
The company is wholly owned by Petromin, Al-Dabbagh Group subsidiary.
MARAFIQ
42
30%
Sep. 30
Provides facilities management services and integrated solutions designed to improve asset efficiency and support operational sustainability.
Berain
66
30%
Sep. 30
Operates in Saudi Arabia’s bottled water sector, with three production plants in Riyadh and Jeddah.
The company is owned by l Rajhi Invest.
In March 2025, Hassana Investment Co., the investment arm of GOSI, acquired a 40% stake in the company.
Arabian Dyar
97.5
30%
June 30
Developing the Dyar AlHaram project in Makkah in several phases, with an investment of approximately SAR 10 billion.
Its investment portfolio is valued at around SAR 15 billion.
Alandalus Educational
24.9
30%
May 26
Owns and operates Al Andalus private schools, with campuses across Jeddah, Makkah, Taif, Abha, Khamis Mushait, Al-Jouf, and Najran.
Alromansiah
18
30%
March 29
Operates a restaurant chain with 50 outlets across Saudi Arabia, in addition to branches in Bahrain.
The company has around 5,000 employees and a fleet of 600 vehicles.
On the Nomu-Parallel Market, the approval period has expired for four companies that were scheduled to offer their shares for subscription, most recently Khairat Co., as shown in the table below:
Nomu-Listed Companies Whose IPO Approval Periods Have Expired
Company
Offering Size (mIn)
Offering
%
Approval Expiry
Activity
Khairat
0.25
%23.81
Sept. 16
Manufactures livestock and poultry feed and barley substitutes.
Its plant is located in Khamis Mushait, Aseer Province, with an annual production capacity of 360,000 tons.
Al-Rahden
3.52
20%
June 29
Provides laundry and cleaning services for clothes, furnishings, and other items.
Established in 1990, the company operates several branches across Saudi Arabia.
Hamad M. Aldrees
1.22
20%
June 22
Owns two subsidiaries: a mining company established in 1995 that specializes in producing silica sand and limestone, and an architectural doors factory established in 2007 that manufactures architectural metal doors and related products.
Sajida International
0.34
20%
June 3
Operates primarily in the food, beverage, and bakery sectors under several brands, notably Furn Aldayaa and Sabroso.
The company also supplies bakery products to businesses and corporate customers (B2B).
Meanwhile, three companies— BaraSeen Medical Co., Arabian Romoz Co., and AlManhal Co. —are still completing preparations for their IPOs, with their six-month regulatory approval periods set to expire toward the end of 2026.
The CMA approved their offerings in late June 2026.
Companies with CMA-Approved IPOs Underway
Company
Offering Size (mIn)
Offering
%
Approval Expiry
Activity
BaraSeen
3.3
%17.1
Dec. 24
A healthcare company specializing in operating the BaTik X Radiation Therapy Center for cancer patients, the Kingdom’s first specialized center for radiotherapy services.
Arabian Romoz
0.95
%11.95
Dec. 29
Established in 2018, the company operates in the real estate sector and has three main projects, according to its website: RATL Offices, RASAFA, and Noor Villa.
AlManhal
0.90
15%
Dec. 29
Operates in the treatment, bottling, and distribution of fresh water in various sizes.
The failure of several companies to complete their IPO procedures comes amid several challenges facing the primary market, including slower IPO activity in Saudi Arabia this year, weaker performance by some recently listed companies, and a decline in the Saudi market’s main index.
Lower share prices have also made pricing more challenging for companies seeking to go public, particularly as valuations of several listed companies have fallen from previous levels.
CMA data showed that the number of outstanding IPO applications across TASI and Nomu fell to 33 at the end of Q1 2026, from 45 at the end of Q4 2025.
Of these, 10 applications were for TASI and 23 for Nomu.
In this report, Argaam announce the companies that received approval from the Capital Market Authority (CMA) to register and offer shares on the Main Market (TASI) and Nomu-Parallel Market but failed to complete their planned offerings and listings this year before the six-month approval period expired.
The CMA’s approval for an offering remains valid for six months from the date of the CMA board’s resolution.
It is deemed canceled if the company fails to complete the offering and listing within that period.
The approval period for three TASI-listed companies—Petrolube, The Power and Water Utility Company for Jubail and Yanbu (MARAFIQ), and Berain Water Co.—expires today, Sept. 30.
The approval period for three other companies— Arabian Dyar Real Estate Development Co., Alandalus Educational Co., and Alromansiah Co. —expired earlier this year.
TASI-Listed Companies Whose IPO Approval Periods Have Expired
Company
Offering Size (mIn)
Offering
%
Approval Expiry
Activity
Petrolube
9
30%
Sep. 30
Manufactures lubricants and greases, with plants in Jeddah, Riyadh, and Dubai.
Its products are distributed across more than 50 countries.
The company is wholly owned by Petromin, Al-Dabbagh Group subsidiary.
MARAFIQ
42
30%
Sep. 30
Provides facilities management services and integrated solutions designed to improve asset efficiency and support operational sustainability.
Berain
66
30%
Sep. 30
Operates in Saudi Arabia’s bottled water sector, with three production plants in Riyadh and Jeddah.
The company is owned by l Rajhi Invest.
In March 2025, Hassana Investment Co., the investment arm of GOSI, acquired a 40% stake in the company.
Arabian Dyar
97.5
30%
June 30
Developing the Dyar AlHaram project in Makkah in several phases, with an investment of approximately SAR 10 billion.
Its investment portfolio is valued at around SAR 15 billion.
Alandalus Educational
24.9
30%
May 26
Owns and operates Al Andalus private schools, with campuses across Jeddah, Makkah, Taif, Abha, Khamis Mushait, Al-Jouf, and Najran.
Alromansiah
18
30%
March 29
Operates a restaurant chain with 50 outlets across Saudi Arabia, in addition to branches in Bahrain.
The company has around 5,000 employees and a fleet of 600 vehicles.
On the Nomu-Parallel Market, the approval period has expired for four companies that were scheduled to offer their shares for subscription, most recently Khairat Co., as shown in the table below:
Nomu-Listed Companies Whose IPO Approval Periods Have Expired
Company
Offering Size (mIn)
Offering
%
Approval Expiry
Activity
Khairat
0.25
%23.81
Sept. 16
Manufactures livestock and poultry feed and barley substitutes.
Its plant is located in Khamis Mushait, Aseer Province, with an annual production capacity of 360,000 tons.
Al-Rahden
3.52
20%
June 29
Provides laundry and cleaning services for clothes, furnishings, and other items.
Established in 1990, the company operates several branches across Saudi Arabia.
Hamad M. Aldrees
1.22
20%
June 22
Owns two subsidiaries: a mining company established in 1995 that specializes in producing silica sand and limestone, and an architectural doors factory established in 2007 that manufactures architectural metal doors and related products.
Sajida International
0.34
20%
June 3
Operates primarily in the food, beverage, and bakery sectors under several brands, notably Furn Aldayaa and Sabroso.
The company also supplies bakery products to businesses and corporate customers (B2B).
Meanwhile, three companies— BaraSeen Medical Co., Arabian Romoz Co., and AlManhal Co. —are still completing preparations for their IPOs, with their six-month regulatory approval periods set to expire toward the end of 2026.
The CMA approved their offerings in late June 2026.
Companies with CMA-Approved IPOs Underway
Company
Offering Size (mIn)
Offering
%
Approval Expiry
Activity
BaraSeen
3.3
%17.1
Dec. 24
A healthcare company specializing in operating the BaTik X Radiation Therapy Center for cancer patients, the Kingdom’s first specialized center for radiotherapy services.
Arabian Romoz
0.95
%11.95
Dec. 29
Established in 2018, the company operates in the real estate sector and has three main projects, according to its website: RATL Offices, RASAFA, and Noor Villa.
AlManhal
0.90
15%
Dec. 29
Operates in the treatment, bottling, and distribution of fresh water in various sizes.
The failure of several companies to complete their IPO procedures comes amid several challenges facing the primary market, including slower IPO activity in Saudi Arabia this year, weaker performance by some recently listed companies, and a decline in the Saudi market’s main index.
Lower share prices have also made pricing more challenging for companies seeking to go public, particularly as valuations of several listed companies have fallen from previous levels.
CMA data showed that the number of outstanding IPO applications across TASI and Nomu fell to 33 at the end of Q1 2026, from 45 at the end of Q4 2025.
Of these, 10 applications were for TASI and 23 for Nomu.
