MENA IPO Activity Q4 2025 Report

MENA IPO activity during the fourth quarter of 2025 demonstrated the continued evolution of regional capital markets, with 10 initial public offerings raising a combined total of US$1.7 billion in proceeds. According to the latest EY MENA IPO Eye Q4 2025 report released on February 4, 2026, the quarter showcased diverse sector participation and sustained investor interest despite challenging market conditions.

The largest transaction of the quarter came from Morocco, where Société Générale des Travaux du Maroc (SGTM) raised US$525.4 million on the Casablanca Stock Exchange, representing 30.4% of total quarterly proceeds. This landmark listing underscored the growing depth and sophistication of North African capital markets.

Saudi Arabia Leads Regional MENA IPO Activity

The Kingdom of Saudi Arabia maintained its position as the most active market in the region, accounting for six of the ten listings during Q4 2025. These Saudi IPOs collectively raised US$561.6 million, with four companies listing on the Tadawul Main Market and two on the Nomu – Parallel Market. Cherry Trading Company, Al Masar Al Shamil Education Company, Consolidated Gruenenfelder Saady Holding Co., and Alramz Real Estate Company were among the prominent Main Market listings, generating combined proceeds of US$546.7 million.

Market Performance and Investor Sentiment

First-day trading performance varied significantly across the quarter, with most Saudi listings remaining static or declining at the close of their initial trading day. However, listings in other markets demonstrated more positive momentum. The mixed performance reflects increasingly selective investor sentiment and a focus on quality fundamentals rather than speculative enthusiasm.

“IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focused on quality, fundamentals and execution, reflecting an increasingly sophisticated market environment.”
Brad Watson, EY-Parthenon MENA Leader

Full Year 2025 Performance Analysis

Throughout 2025, the MENA region recorded 49 IPOs with total proceeds of US$7.3 billion. This represented a 9.3% decrease in deal count compared to 54 listings in 2024, while total proceeds declined 41.8% from the US$12.6 billion raised the previous year. Saudi Arabia dominated annual activity with 39 IPOs raising US$4.9 billion, demonstrating the kingdom’s commitment to capital market development as part of its economic diversification strategy.

The quarter’s listings spanned multiple sectors including real estate, construction, energy, retail, transportation, and industrials, reflecting the region’s ongoing economic diversification efforts and the broadening appeal of public markets across different industries.

Regulatory Progress and Future Outlook

Regulatory developments across the region continue to enhance market transparency, governance standards, and capital accessibility. These improvements are strengthening the infrastructure supporting MENA IPO activity and building confidence among both issuers and investors.

“The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list.”
Gregory Hughes, EY-Parthenon MENA IPO Leader

Looking ahead to 2026, the IPO pipeline remains robust with 18 companies and funds signaling their intention to list across regional exchanges in early 2026. Expected sectors include logistics, utilities, technology, manufacturing, and industrials, indicating strong momentum across diversified economic areas and positive prospects for continued capital market growth in the MENA region.