Saudi Arabia dominated the Middle East and North Africa IPO market in the second quarter, raising $1.9 billion from 13 listings, according to EY’s MENA IPO Eye report. This represented 76% of the region’s total $2.5 billion proceeds from 14 IPOs, a 4% increase from the previous quarter.
The largest deal was budget airline flynas’s debut on the Saudi main market, accounting for 44% of the quarter’s proceeds. Specialized Medical Co. raised $500 million, while United Carton Industries Co. brought in $160 million.
The Kingdom’s strong IPO activity comes amid ongoing financial reforms by the Capital Markets Authority, including new rules for special purpose acquisition companies to boost funding options and private-sector growth.
Gregory Hughes, MENA EY-Parthenon IPO leader, said Saudi Arabia “continues to set the pace” for the region, while landmark UAE deals, such as Dubai Residential REIT’s $584 million listing, reflect evolving regional exchanges.
Investor caution persisted, with 10 of 14 IPOs closing below offer price on debut. Secondary listings surged, making up 64.3% of offerings in Q2, compared with 35.7% in Q1 — signaling a preference for shareholder exits over raising fresh capital.
EY forecasts 14 IPOs in the second half of 2025, 10 of them from Saudi Arabia, alongside planned listings in Egypt, Tunisia, and Morocco.