Saudi IPO Market: 2025 Year in Review
The Big Picture
2025 was another transformative year for Saudi capital markets. New listings continued to diversify Tadawul’s sector composition, with technology and consumer discretionary names leading 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
Our Approach
At decoded.finance, we track every Saudi IPO with rigorous data collection and independent analysis. Our IPO Tracker provides real-time performance data, and our case studies offer deep-dive analysis on select listings.
For detailed analysis of any specific IPO, visit our IPO Tracker or contact us.
Abdul Gaffar Mohammed, CFA
Corporate Treasury Professional managing SAR 1bn+ banking facilities. Building decoded.finance to provide independent, rigorous analysis of Saudi capital markets.