Energy Leads GCC IPO Trends with $12.8B Total Since 2015

GCC IPO Trends: $2.4B Raised Despite Market Headwinds

Despite global volatility, GCC IPO Trends remained resilient in Q2 2025, with $2.4 billion raised across public listings. While the number of IPOs fell to just four (excluding Saudi Arabia’s Nomu Parallel Market), the total proceeds were nearly on par with Q2 2024’s $2.6 billion from eight IPOs. This was largely driven by three mega-listings, each exceeding $500 million.

Saudi Arabia led the charge, accounting for 76% of total GCC IPO proceeds. The UAE contributed one IPO, while other GCC nations saw limited activity, reflecting cautious sentiment amid macroeconomic uncertainty.

Nomu Parallel Market Surges: 8 Listings, $128M Raised

The GCC IPO Trends on Saudi Arabia’s Nomu Parallel Market showed notable momentum. Q2 2025 saw eight listings raise $128 million, up from $81 million across five IPOs in Q2 2024. This uptick highlights growing interest in alternative listing venues, especially for small- to mid-cap companies seeking faster access to capital.

Nomu’s performance contrasts with the broader slowdown in traditional IPO markets, suggesting that parallel platforms may offer a buffer against macro-driven volatility.

Sector Leaders: Energy Tops GCC IPO Proceeds at $12.8B

Looking at cumulative IPO proceeds from 2015 to present, Energy, Utilities and Resources dominate the GCC IPO landscape with $12.8 billion raised. This sector’s outsized contribution reflects the region’s deep-rooted energy focus and investor appetite for resource-backed assets.

Other top-performing sectors include:

• Consumer Markets: $9.2B
• Technology, Media & Telecom: $4.7B
• Health Industries: $3.6B
• Financial Services: $3.3B

These figures underscore the diversification of GCC IPO Trends, with tech and healthcare gaining traction alongside traditional sectors.

Mixed Equity Market Performance Shapes IPO Sentiment

Equity markets across the GCC posted mixed results in Q2 2025, influencing IPO momentum. The UAE rebounded strongly, with ADX and DFM gaining 7% and 15% respectively. Real estate stocks led the rally on the DFM, supported by robust demand in Dubai’s residential and commercial segments.

Kuwait’s benchmark index rose 8%, buoyed by foreign inflows and solid earnings in tech and healthcare. In contrast, Saudi Arabia’s TASI fell 6%, dragged down by a ~20% drop in Brent crude and risk-off investor sentiment. These divergent performances shaped issuer confidence and IPO timing across the region.

Global Volatility Pauses IPOs, But Recovery Sparks Hope

Global equity markets faced sharp sell-offs in early April following the announcement of US tariffs, with major indices dropping up to 15%. Volatility spiked to levels last seen during the pandemic, prompting many companies to pause IPO plans.

However, a 90-day tariff pause and renewed optimism around trade deals triggered a relief rally. Volatility normalized, and equity indices rebounded by quarter-end. This recovery reopened selective IPO windows, though sentiment remains fragile and contingent on geopolitical stability.