Saudi Arabia’s IPO market has become one of the world’s most active. In 2024, the Tadawul raised over $12 billion through new listings, making it the world’s busiest IPO market by proceeds. The pipeline for 2026 includes a mix of confirmed listings, advanced-stage candidates, and high-profile PIF portfolio companies that could reshape the exchange.

This tracker covers the confirmed and rumored IPOs, recent listing performance, how to participate, and what risks investors should watch.

Saudi IPO Market Overview

The Saudi IPO boom is no accident. It is a deliberate component of Vision 2030, which aims to deepen capital markets, increase private sector participation, and monetize state-owned assets. The Capital Market Authority (CMA) has streamlined listing requirements, and the Public Investment Fund (PIF) has explicitly identified IPOs as an exit strategy for portfolio companies.

Key market metrics:

• Tadawul (Saudi Exchange): The main market for large-cap listings. One of the top 10 largest exchanges globally by market capitalization.
• TASI (Tadawul All Share Index): The benchmark index tracking all listed companies.
• Nomu – Parallel Market: A lighter-regulation market for SMEs and growth companies, with lower listing requirements.
• 2024 IPO proceeds: $12B+ across 30+ listings
• 2025 IPO proceeds: Continued strong pipeline with several multi-billion dollar offerings
• Foreign investor participation: Qualified Foreign Investor (QFI) framework allows international investors to participate directly

IPO Pipeline for 2026

Confirmed and Advanced-Stage Listings

Ades Holding

• Sector: Energy services (drilling, well services)
• Expected size: $1-2 billion
• Status: CMA approval obtained; timing subject to market conditions
• Key details: One of the Middle East’s largest oilfield services companies. Operations across Saudi Arabia, MENA, and Asia. Revenue growth driven by Aramco’s expanded drilling program.

Derayah Financial

• Sector: Financial services (brokerage, wealth management)
• Expected size: $500M-$1 billion
• Status: Advanced preparation stage
• Key details: One of Saudi Arabia’s leading independent financial services firms. Benefits from growing retail investor participation in Saudi markets. Digital-first platform with strong mobile presence.

Almoosa Health

• Sector: Healthcare
• Expected size: $500M-$800M
• Status: Preparation stage
• Key details: Major private healthcare provider in Saudi Arabia’s Eastern Province. Benefits from healthcare spending growth and insurance reform under Vision 2030.

PIF Portfolio Company Candidates

The PIF has signaled that multiple portfolio companies are being prepared for eventual listing. These represent some of the most anticipated potential IPOs in the Saudi market.

Riyadh Air

• Sector: Aviation
• Potential size: $3-5 billion (estimated)
• Status: Pre-revenue; commercial operations expected to begin 2025-2026
• Key details: Saudi Arabia’s new national airline, designed to compete with Emirates and Qatar Airways. Led by former Etihad CEO Tony Douglas. Plans to operate 100+ routes by 2030. IPO timing depends on operational track record after launch.

CEER

• Sector: Electric vehicles
• Potential size: $1-3 billion (estimated)
• Status: Pre-revenue; vehicle production targeted for 2025-2026
• Key details: Saudi Arabia’s first electric vehicle brand, a PIF joint venture with Foxconn. Headquartered in King Abdullah Economic City. IPO unlikely before established production and sales data.

Roshn Real Estate

• Sector: Real estate development
• Potential size: $2-4 billion (estimated)
• Status: Active development; IPO preparation reportedly underway
• Key details: PIF’s residential real estate arm. Developing large-scale communities across Saudi Arabia with 100,000+ housing units planned. Strong revenue visibility from government-backed housing demand.

Saudi Entertainment Ventures (SEVEN)

• Sector: Entertainment
• Potential size: $1-3 billion (estimated)
• Status: Portfolio development stage
• Key details: PIF’s entertainment subsidiary developing theme parks, cinemas, and entertainment destinations across Saudi Arabia. Benefits from the Kingdom’s entertainment reform and young demographic.

Long-Term Pipeline

NEOM

• Sector: Mega-project / Mixed-use development
• Potential size: Unclear; project is still in development phase
• Status: Long-term possibility; not expected before 2028 at earliest
• Key details: The $500 billion mega-project on the Red Sea coast. Any IPO would likely involve subsidiary structures (e.g., NEOM’s industrial city, tourism assets) rather than the entire project. The scale and complexity make this a multi-year proposition.

Listing on Tadawul vs. Nomu

Most of the high-profile IPOs in the pipeline target the main Tadawul market. Nomu has served as an incubator for smaller companies, several of which have subsequently graduated to the main market.

IPO Allocation: Individual vs. Institutional

Saudi IPOs follow a structured allocation process:

• Institutional tranche: Typically 90-95% of the offering, allocated to qualified institutional investors including local and international fund managers, banks, and sovereign wealth funds
• Retail tranche: Typically 5-10% of the offering, allocated to individual Saudi and GCC investors
• Clawback mechanism: If retail demand exceeds a threshold (often 10x oversubscription), additional shares may be clawed back from the institutional tranche to retail
• Cornerstone investors: Large strategic investors who commit to buying shares at the IPO price with a lock-up period; increasingly common in Saudi IPOs

Retail investors in Saudi Arabia have been enthusiastic IPO participants, with many recent offerings seeing 50-100x oversubscription of the retail tranche.

Recent IPO Performance

General trends:
– Saudi IPOs have generally performed well on first-day trading, with average first-day returns of 15-30%
– Healthcare, technology, and logistics listings have outperformed
– Larger offerings (above $1 billion) tend to have lower first-day pops but stronger long-term performance
– Retail oversubscription rates have remained high, indicating strong demand

Sector Breakdown of the Pipeline

How to Participate in Saudi IPOs

For Saudi and GCC Nationals

1. Open a brokerage account with a CMA-licensed broker (e.g., Al Rajhi Capital, SNB Capital, Riyad Capital, Derayah Financial)
2. Register for IPO subscriptions through the broker’s platform or mobile app
3. Submit subscription during the retail offering period (typically 3-5 days)
4. Allocation: If oversubscribed, shares are allocated proportionally or by lottery depending on the offering structure
5. Trading: Shares begin trading on the first listing day

For International Investors

1. Qualified Foreign Investor (QFI) route: Register directly as a QFI with a Saudi broker. Requires minimum $500M AUM for institutional investors.
2. Swap agreements: Access Saudi stocks through total return swaps offered by international banks
3. Saudi ETFs: Listed on international exchanges tracking the TASI or specific Saudi sectors
4. Mutual funds: Regional and global emerging market funds with Saudi allocation

For a detailed walkthrough, see our guide to investing in the Saudi stock market.

Comparison with UAE IPO Market

Both markets have benefited from government-driven listing programs, but Saudi Arabia’s scale advantage — driven by PIF’s massive portfolio and larger economy — has made Tadawul the regional leader in IPO activity.

For broader context on both markets, see the Middle East Stock Markets Guide.

Risks to Watch

Overvaluation

Strong retail demand and limited supply have driven some Saudi IPOs to premium valuations. Price-to-earnings ratios above 30x have been common for popular offerings. Investors should compare valuations to regional and global peers rather than relying on first-day performance expectations.

Lock-Up Expiries

Many IPOs include lock-up periods (typically 6-12 months) during which major shareholders cannot sell. When these expire, significant selling pressure can depress share prices. Monitor lock-up expiry dates for recent listings.

Thin Trading

Some smaller Nomu-listed companies and even certain Tadawul listings experience low daily trading volumes after the initial listing excitement fades. Low liquidity makes it difficult to exit positions without impacting prices.

Macro Risks

Saudi stock market performance correlates with oil prices, despite diversification efforts. A sustained decline in oil prices could affect government spending, corporate earnings, and investor sentiment — impacting both new listings and existing positions.

Regulatory Changes

CMA regulations continue to evolve. Changes to listing requirements, allocation rules, or foreign investor access could affect IPO dynamics.

Pipeline Delays

Several high-profile PIF portfolio companies (Riyadh Air, CEER) are pre-revenue. IPO timelines depend on achieving operational milestones, and delays are possible.

FAQ

How do I invest in Saudi IPOs as a foreigner?

International investors can access Saudi IPOs through several channels: the Qualified Foreign Investor (QFI) framework (requires minimum $500M AUM for institutions), total return swap agreements through international banks, Saudi-focused ETFs listed on global exchanges, or regional mutual funds with Saudi allocation. Direct retail IPO participation is generally limited to Saudi and GCC nationals.

Which Saudi IPO is the biggest expected in 2026?

Riyadh Air, Saudi Arabia’s new national airline, is potentially the largest IPO in the pipeline, with estimated proceeds of $3-5 billion. However, its timing depends on achieving operational milestones after launching commercial flights. Among confirmed near-term listings, Ades Holding ($1-2 billion) and Roshn Real Estate ($2-4 billion) are the largest. NEOM is a long-term possibility but is not expected before 2028.

What is the difference between Tadawul and Nomu?

Tadawul is Saudi Arabia’s main stock exchange for large, established companies, requiring a minimum market cap of SAR 300 million, three years of operating history, and 30% free float. Nomu is the parallel market for SMEs and growth companies, with lower requirements (SAR 10 million market cap, one year of operating history, 20% free float). Nomu is accessible only to qualified investors, while Tadawul is open to all investors including qualified foreign investors.

Do Saudi IPOs typically perform well?

Recent Saudi IPOs have generally performed well, with average first-day returns of 15-30%. Healthcare, technology, and logistics listings have been among the strongest performers. However, performance varies significantly by company and sector, and strong first-day returns do not guarantee long-term outperformance. Some IPOs have traded below their offering price within months of listing, particularly when initial valuations were aggressive.

What PIF companies might go public?

The Public Investment Fund has identified several portfolio companies as potential IPO candidates. The most prominent include Riyadh Air (aviation), CEER (electric vehicles), Roshn Real Estate (residential development), Saudi Entertainment Ventures/SEVEN (entertainment), and potentially components of NEOM in the longer term. PIF has stated that monetizing portfolio companies through public listings is a core strategy for generating returns and deepening Saudi capital markets.

Key Takeaways

• Saudi Arabia’s Tadawul was the world’s busiest IPO market in 2024, raising over $12 billion across 30+ listings
• The 2026 pipeline includes confirmed listings (Ades Holding, Derayah Financial) and high-profile PIF candidates (Riyadh Air, Roshn, CEER, SEVEN)
• Recent Saudi IPOs have averaged 15-30% first-day returns, though performance varies by sector and valuation
• Retail demand remains extremely strong, with oversubscription rates of 50-100x common for popular offerings
• International investors can access Saudi IPOs through the QFI framework, swap agreements, and Saudi-focused ETFs
• Key risks include overvaluation driven by retail enthusiasm, lock-up expiry selling pressure, and pipeline delays for pre-revenue PIF companies
• The Saudi IPO market is structurally supported by Vision 2030 privatization goals and PIF’s portfolio exit strategy
• Both Tadawul and Nomu offer listing options, with the parallel market serving as an incubator for growth companies

For more on Saudi capital markets, explore our guides on Middle East Stock Markets, How to Invest in the Saudi Stock Market, the Saudi Arabia Economy, and PIF Investments.