MENA IPO Market Gains Momentum as 11 Offerings Raise $700M in Q3
The Kingdom alone raised $637M, 92.4% of the total figure, while Dar Al Majed Real Estate Company led the region’s largest IPO of the period at $336M.
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[Image creative: Chetan Jha/MITSMR Middle East]
Saudi Arabia dominated the Mergers and Acquisitions space in the Middle East and North Africa (MENA) region, with eight initial public offerings in Q3 2025. Overall, the MENA region had 11 IPOs raising $700M in the period, up 120% year over year, as per EY’s MENA IPO Q3 2025 report.
The Kingdom alone raised $637M, 92.4% of the total figure, while Dar Al Majed Real Estate Company led the region’s largest IPO of the period at $336 M, 45.5% of total funds raised. Other key listings of Saudi include Marketing Home Group for Trading Co., and Sport Clubs Company, with $109M and $69M, respectively.
Beyond the Gulf, Egypt saw the listings of Bonyan for Development & Trade SAE and National Printing Company (NPC) with Morocco of Vicenne.
“The performance this past quarter reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies,” said Brad Watson, EY-Parthenon MENA Leader.
The MENA IPO pipeline looks solid with 19 companies and funds looking to get listed in the coming months.
Saudi as well leads in this with 13 planned IPOs, including Almasar Alshamil Education Company and Al Romansiah Company, both of which have received approvals from the Capital Market Authority (CMA).
Outside the GCC, Algeria’s Diar Dzair and Morocco’s Gharb Papier Et Carton SA have announced plans to go public but await regulatory approval.
“Companies are becoming increasingly strategic with market timing, carefully assessing investor sentiment and macroeconomic conditions before going public. With strong regulatory frameworks and a healthy pipeline leading into Q4 2025, the region is well-positioned for sustained, long-term growth likely to attract continued international participation,” read the report.
While the UAE has updated governance rules by allowing for a combination of board chair and CEO roles, Saudi Arabia’s Capital Market Authority has encouraged consultations on amendments to market-making regulations and foreign ownership limits to boost liquidity and transparency.
The EY report reaffirms MENA as a key hub for capital formation and investment in 2025 and going forward.
