Tadawul trading screen
Saudi Stock Market (TASI) witnessed a first in 2025, as some IPOs faced weak demand from individual investors and subscription rates fell sharply, particularly in the fourth quarter compared with the beginning of the year. 
Retail investors covered approximately 70.9% of the shares allocated to them in the Consolidated Grunenfelder Saady Holding Co. (CGS) offering, while the lowest historical coverage came from Alramz Real Estate Co., with individuals subscribing to only 36% of the 2.57 million shares allocated to them.
Since the total shares allocated to individuals were not fully subscribed, the remaining shares were allocated to institutional investors, after which the companies’ shares were listed on TASI.
This level of retail shortfall has not been seen since 2019, when individual investors covered 60% of the Arabian Centres Co.’s (Cenomi Centers) IPO.
Meanwhile, EFSIM Facilities Management Co.recently announced the cancellation of its planned IPO after consultations with its financial advisor. The cancellation announcement came the day after the end of the institutional bookbuilding period in December of this year.
Companies Not Fully Subscribed by Retail Investors on TASI
Company Name
Offer Price (SAR)
Float Percentage
Total Shares Offered
Shares Allocated to Individuals
Individual Coverage (%)
Share Performance from Offer Price
CGS
10
30%
30 million shares
(30% of total shares)
6 million shares
70.9%
(11%)
Alramz
70
30%
12.86 million shares
(30% after capital hike)
2.57 million shares
36%
(25%)
EFSIM
19 – 20
30%
16.8 million shares
5.04 million shares
Planned IPO was cancelled after consultations with its financial advisor
Tadawul trading screen
Saudi Stock Market (TASI) witnessed a first in 2025, as some IPOs faced weak demand from individual investors and subscription rates fell sharply, particularly in the fourth quarter compared with the beginning of the year.
Retail investors covered approximately 70.9% of the shares allocated to them in the Consolidated Grunenfelder Saady Holding Co. (CGS) offering, while the lowest historical coverage came from Alramz Real Estate Co., with individuals subscribing to only 36% of the 2.57 million shares allocated to them.
Since the total shares allocated to individuals were not fully subscribed, the remaining shares were allocated to institutional investors, after which the companies’ shares were listed on TASI.
This level of retail shortfall has not been seen since 2019, when individual investors covered 60% of the Arabian Centres Co.’s (Cenomi Centers) IPO.
Meanwhile, EFSIM Facilities Management Co.recently announced the cancellation of its planned IPO after consultations with its financial advisor. The cancellation announcement came the day after the end of the institutional bookbuilding period in December of this year.
Companies Not Fully Subscribed by Retail Investors on TASI
Company Name
Offer Price (SAR)
Float Percentage
Total Shares Offered
Shares Allocated to Individuals
Individual Coverage (%)
Share Performance from Offer Price
CGS
10
30%
30 million shares
(30% of total shares)
6 million shares
70.9%
(11%)
Alramz
70
30%
12.86 million shares
(30% after capital hike)
2.57 million shares
36%
(25%)
EFSIM
19 – 20
30%
16.8 million shares
5.04 million shares
Planned IPO was cancelled after consultations with its financial advisor
