Saudi Arabia Leads IPO Pipeline With 10 Possible Listings in H2 2025

The outlook for initial public offerings (IPOs) in the Middle East and North Africa (MENA) region in the second half of 2025 remains strong, backed by a pipeline of 14 planned listings across several sectors, consultancy firm EY said in its latest report.

Saudi Arabia continues to lead with 10 potential IPOs, while planned activity in Egypt, Tunisia, and Morocco highlights increasing market depth and diversification in the region, the report said.

In Q2 2025, the region recorded 14 IPOs, generating $2.5 billion in proceeds - a 4% rise year on year (YoY).

Saudi Arabia’s largest listing during the quarter was flynas, representing 44% of total proceeds. Specialized Medical Company followed with $500 million, and United Carton Industries Company, with $160 million.

The Dubai Financial Market’s (DFM ) biggest listing was of Dubai Residential REIT, which raised $584 million. 

“In spite of investors practicing caution, we have seen strong growth,” said Brad Watson, MENA EY Parthenon Leader.

However, after market performance varied, with 10 of the 14 IPOs closing below their offer price on debut, EY said.