Q1 2025

GCC IPO+ Watch

$1.6bn

raised from GCC IPOs (Q1 2024: $1.2bn)
11 IPOs

across the GCC (Q1 2024: 10)
$1.1bn

raised in the KSA - representing 69% of total GCC proceeds
42%

of GCC IPO proceeds from Consumer Markets sector

Challenging macroeconomic backdrop
Mixed start to the year for GCC IPOs
Diverse mix of companies coming to market in Q1
Uncertainty around the timing of potential issuances

Challenging macroeconomic backdrop

The recently announced U.S. tariffs, combined with growing fears of a global recession, have weighed heavily on global equity markets, driving volatility to levels not seen since the early stages of the pandemic.
Market sentiment continues to be shaped by concerns over tariffs and the potential challenges they may pose to companies worldwide.
The Gulf Cooperation Council's (GCC) strategy for economic diversification and reduced reliance on oil revenues will become increasingly critical as oil prices remain under pressure amid these challenging macroeconomic conditions.
GCC equity markets suffered in early April with the S&P GCC Composite Index declining 7% in the first few weeks of the month, however, much of the lost ground has since been recovered, with the index currently just 1% below the beginning of the year.

Mixed start to the year for GCC IPOs

$1.5bn of proceeds were raised from 5 IPOs (excluding Nomu listings) in Q1 2025 compared with proceeds of $1.1bn from 4 IPOs in Q1 2024.
Tadawul’s parallel Nomu market remained active in Q1 with 6 listings raising combined proceeds of $62m (Q1 2024: 6 IPOs raised $57m).
The KSA was the most active country within the GCC with 3 Main Market listings in addition to the 6 Nomu listings.
IPO activity was muted across the wider GCC with just one IPO in the UAE and one in Oman.

Diverse mix of companies coming to market in Q1

In the UAE, Alpha Data, digital transformation and system integrator founded by Fayez Ibbini raised $163m on the Abu Dhabi Exchange.
Positive progress against Oman’s privatisation strategy continued with the listing of Asyad Shipping on the Muscat Stock Exchange with IPO proceeds of $333m.
In the KSA there was a mix of privatisations and listing of privately owned companies on the Tadawul Main Market. Nomu listings comprised either family businesses or privately held SMEs.

Uncertainty around the timing of potential issuances

Many GCC issuers considering a listing in the remainder of 2025 and beyond are now assessing the impact of the global macroeconomic developments on their business and IPO timelines.
The trajectory of IPO activity through the remainder of the year and beyond will hinge on the stability of the macroeconomic environment, with any further macro shocks or unforeseen geopolitical conflicts likely to prolong volatility.
The pipeline, however, remains strong as GCC governments continue to drive the privatisation agenda and equity markets open up to corporate issuers.

“Recent global macroeconomic developments resulting from trade tariffs have had a pronounced impact on both global and GCC equity markets as well as oil prices. Although increased volatility and market uncertainty affects IPO activity in the short term, we remain positive on the long-term outlook of regional capital markets. Therefore, it’s imperative that prospective issuers remain prepared to take advantage of potential IPO opportunities.”

Muhammad HassanPwC Middle East Capital Markets Leader

Global equity market performance

Source: S&P Global

IPO volume by country

IPO proceeds by country

IPO volume by quarter

IPO proceeds by quarter

Q1 2025 IPO proceeds by sector (USD m)

Bonds and Sukuks

$4.6bn

proceeds from Bond issuance (Q1 2024: $1.6bn)
$4.1bn

proceeds from Sukuk issuance (Q1 2024: $4.6bn)
70%

of GCC Bonds and Sukuks issued on Nasdaq Dubai

GCC IPO activity available from 2015 - present, filtered by stock exchange

Deal value ($m)

Number of IPOs

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IPO values by sector

IPO Watch EMEA Q1 2025

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How PwC can help you

An IPO is a significant step and a transformational change. It’s best to do it in partnership with experts who’ve been through the process many times before, and who can provide the right people and skills you’ll need for the journey. At PwC, we have a dedicated IPO team to help you:

weigh up the pros and cons of an IPO
assess how ready you are for a listing
navigate every phase of the complex IPO process
prepare your business for life as a public company

Our team works on IPO readiness assessments, pre-IPO implementation services, IPO execution, project management, structuring advice and post-IPO support.

If required we are able to bring in experts from the wider PwC network to support areas such as; strategy, tax advice, management incentives, corporate governance and compliance.

Readiness - Getting ready for an IPO

Our IPO Readiness Assessment is a diagnostic review of the critical areas needed for a successful IPO so that management has a clear roadmap to deliver a successful IPO and operate as a listed business.

We’ll highlight where current processes, procedures, structures and practices fall short of regulatory requirements and best practices. We’ll also create a timeline to remediate any gaps, and form some of the habits of a successful listed company.

Execution - Making the IPO process run smoothly

Executing an IPO involves carefully orchestrating different teams that all need to work together to deliver the IPO, while making sure business as usual runs smoothly.

We’ll help you with this by providing end to end support to effectively and efficiently complete the filing process with the regulatory authority in addition to any pre-IPO implementation activities.

We can also act as your IPO diligence advisors performing the required due diligence, assisting with MD&A drafting in relation to a prospectus and giving you practical advice throughout the IPO process.