The Big Picture
2025 was another active year for Saudi capital markets. New listings continued to diversify Tadawul’s sector composition, with technology and consumer discretionary names driving activity.
Key Highlights
New Listings
Two notable IPOs came to market in 2025:
- Almasar Alshamil Education (February 2025) - Private education provider listing at SAR 14.51, delivering +22.1% return from IPO price
- Cherry Trading (January 2025) - Auto rental and trading services at SAR 12.36, posting a modest +6.6% gain
Performance Overview
Our database of 19 Saudi IPOs (2020-2025) shows:
- Average return from IPO: +38.7%
- Total market capitalization: SAR 158.8 billion
- Top performer: Saudi Tadawul Group with +133.3% return
- Most common sector: Consumer Discretionary (5 IPOs)
Sector Breakdown
| Sector | Number of IPOs | Avg. Return |
|---|---|---|
| Consumer Discretionary | 5 | +24.3% |
| Financials | 3 | +48.3% |
| Industrials | 3 | +16.6% |
| Consumer Staples | 2 | +25.6% |
| Real Estate | 2 | +70.4% |
| Technology | 2 | -3.9% |
| Healthcare | 1 | +85.1% |
| Utilities | 1 | +88.1% |
What to Watch in 2026
Several factors will shape the Saudi IPO market in 2026:
- Vision 2030 acceleration - Continued privatization and market development
- Sector diversification - More technology and healthcare IPOs expected
- Institutional demand - Growing foreign investor participation
- Market maturation - Improved price discovery and reduced first-day volatility
Related Reading
For underlying listing-level data, use the IPO Tracker. For deeper qualitative and valuation context, review the case studies.
This review is educational and should not be treated as investment advice.
A
Abdul Gaffar Mohammed, CFA
Treasury & Investment Professional