Saudi Arabia’s IPO market is showing renewed signs of activity, with at least four prominent companies reportedly preparing listings on the Saudi Exchange.
The Kingdom has yet to witness a major IPO this year, a slower start compared to the same period last year when at least three sizeable listings had already reached the market. However, new transactions currently in the pipeline could signal a rebound in activity.
Energy and Industrial Players Eye the Market
Among the potential offerings is AlKhorayef Petroleum, a subsidiary of AlKhorayef Group. The company has reportedly appointed Citigroup, JPMorgan Chase, and BSF Capital to explore a potential share sale, according to sources cited by Bloomberg.
Meanwhile, ArcelorMittal Tubular Products Jubail, a joint venture backed by the Public Investment Fund and global steel giant ArcelorMittal, is said to be working with Moelis & Company on a potential listing and may soon mandate additional banks to support the transaction.
Telecom and Contracting Firms Join the Queue
In the telecom sector, Etihad Salam Telecom Company is reportedly preparing for an IPO arranged by BSF Capital.
Construction player Mutlaq Al Ghowairi Contracting is also exploring a public offering that could value the business at up to SAR 15 billion (approximately $4 billion).
At this stage, none of the companies have taken final listing decisions.
Mixed Market Performance
Companies have collectively raised $4.2 billion in the Kingdom in 2025. However, performance has been uneven: only two of the ten largest IPOs are currently trading above their offer price.
Market sentiment remains cautious. The Tadawul All Share Index, which tracks the main market, has declined nearly 13 percent this year, making the Saudi Exchange the region’s worst-performing bourse in 2025.
Despite expectations of fewer IPOs overall this year, analysts anticipate that the Public Investment Fund will play a more active role in supporting listings and maintaining market momentum.
As Saudi Arabia continues to advance its Vision 2030 diversification strategy, the next wave of IPOs could prove critical in restoring confidence and reinforcing the Kingdom’s capital markets ecosystem.
Source: AGBI
