RIYADH: Saudi Arabia dominated Gulf equity markets in the second quarter of 2025, securing 76 percent of total initial public offering proceeds amid strong investor demand for listings on its bourses.
According to PwC Middle East’s latest IPO Watch report, Gulf Cooperation Council equity markets raised $2.4 billion from four main market IPOs and eight listings on Saudi Arabia’s Nomu Parallel Market. The proceeds were broadly in line with the $2.6 billion raised during the same period in 2024, despite a decline in the number of listings.
The Kingdom’s leadership was underscored by high-profile IPOs such as Flynas, the region’s first airline listing in over 15 years, and Specialized Medical Co., which raised $500 million in June. Three IPOs in the region raised over $500 million each, reflecting strong investor appetite and a shift toward larger deals.
“The global market volatility at the start of Q2, driven by uncertainty over global trade tariffs, understandably prompted some companies to reassess their IPO plans,” said Muhammad Hassan, capital markets leader, partner at PwC Middle East.
“Despite slower IPO activity across the GCC, Tadawul and DFM witnessed landmark IPOs such as Flynas and Dubai Residential REIT," he added. "The outlook remains cautiously optimistic for the remainder of the year, subject to macroeconomic and geopolitical factors.”
