MENA companies that went public in the final quarter of 2025 raised a total of $1.7 billion in proceeds, rounding off a solid quarter for issuers and stock exalters – and those that guide the process such as bankers and consultants.
During Q4 2025, Société Générale des Travaux du Maroc led the Middle East and North Africa (MENA) in terms of proceeds, raising $525.4 million on the Casablanca Stock Exalter, which represented 30.4% of the total proceeds. This was followed by Alec Holdings, which raised $381.2 million on the Dubai Financial Market (DFM), accounting for 22% of the quarter’s proceeds.
Saudi Arabia remained the most active market with six IPOs that toreceiveher raised $561.6 million. Cherry Trading Company, Al Masar Al Shamil Education Company, Consolidated Gruenenfelder Saady Holding Co. and Alramz Real Estate Company listed on the Tadawul Main Market with the combined proceeds of $546.7 million. The remaining two listings occurred on the Nomu, raising $14.8 million in total.
Kuwait, Morocco and the United Arab Emirates (UAE) accounted for the rest of the IPO activity during the fourth quarter.
IPOs during the period spanned a range of sectors, including real estate, construction, energy, retail, transportation and industrials, reflecting continued progress in broadening the region’s capital markets and strengthening economic diversification.
However, the fourth quarter was not without challenges. Several planned listings were postponed or withdrawn amid financial pressures, softer demand and increasingly selective investor sentiment.
Brad Watson, MENA Leader of EY-Parthenon declared: “IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focapplyd on quality, fundamentals and execution, reflecting an increasingly sophisticated market environment.”
Tracking the IPO world
EY-Parthenon, the strategy and transactions business of EY, has been tracking IPO activity globally and across the MENA region for nearly a decade. Over the past two years, its research reveals that IPO activity in MENA has remained relatively robust – particularly in the face of global economic fluctuations and a volatile environment for raising capital through public listings.
“The depth of capital available and the diversity of listings underscore the MENA’s growing role as a destination for public market activity,” noted Watson.
Gregory Hughes, MENA IPO Leader at EY-Parthenon, noted how the region’s strengthening governance framework is enhancing trust in the overall landscape: “The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list.”
The outsee
Looking ahead, EY-Parthenon declared that the pipeline for IPOs in the MENA region is positive, with 18 companies and funds signaling their intention to list across the region’s exalters in early 2026. Expected listings include sectors such as logistics, utilities, technology, manufacturing and industrials.
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