Muscat – The GCC region is poised for another active year in the initial public offering (IPO) market in 2026, with a strong pipeline of companies at various stages of preparation, according to a report by Kuwait-based Kamco Investment.
Based on the current status of initial public offerings, around 73 IPOs are in the pipeline across the GCC. The majority of these are at the announced stage, while a smaller number remain at the rumoured stage, the report said.
The list of potential IPOs also includes companies that postponed their listing plans due to valuation concerns, particularly after the GCC equity markets underperformed the global market rally in 2025, it added.
“Saudi Arabia is expected to lead once again in terms of IPO volumes in 2026, with the CEO of Saudi Exchange indicating that 40 companies have already applied for listing. This number rises to nearly 100 when companies currently seeking financial advisers are also included,” the report said.
Among the prominent IPO candidates in the GCC pipeline is Saudi Information Technology Company, which is backed by Saudi Arabia’s Public Investment Fund (PIF). Ejada Systems, also in the technology sector, is expected to reapply for an IPO after its previous six-month listing window lapsed. More recent announcements include proposed IPOs of AlKhorayef Petroleum (in which PIF holds a stake), Sudair Pharmaceutical, Aldyar AlArabia Real Estate and Lean Technologies.
Several smaller companies operating in niche segments such as car rentals, food and beverage, and restaurant chains are also expected to pursue listings, largely on Saudi Arabia’s Nomu parallel market.
In the UAE, the IPO pipeline includes several large offerings such as Binghatti Holding, Dubai Investments Park Development, Arabian Construction and Majid Al Futtaim Holding in Dubai. In Abu Dhabi, major IPO candidates include Emirates Global Aluminium, Masdar and Etihad Airways.
In Oman, at least two government-owned entities could be listed in 2026, including Oman India Fertiliser Company (Omifco) and Minerals Development Oman, according to the Kamco Investment report.
Kuwait is also expected to see IPO activity, with at least two companies having already announced listing plans, while a third is at the rumoured stage.
GCC IPO volumes slide to 4-year low in 2025
After a strong performance in 2024, primary market activity across GCC equity markets contracted sharply in 2025, largely due to a slowdown in large-ticket offerings.
According to Kamco Investment, GCC exchanges recorded a total of 42 IPOs in 2025, the lowest level in four years. Saudi Arabia accounted for the largest share of offerings, followed by the UAE, although both markets saw a year-on-year decline in IPO volumes.
The slowdown coincided with the GCC markets lagging behind global peers, as the region recorded one of the lowest comparable index gains during the year.
In terms of proceeds, GCC issuers raised $5.8bn through IPOs in 2025, the lowest amount in five years and a 54.8% decline from $12.9bn raised in 2024, the report noted, citing data from Bloomberg and regional stock exchanges.
“The decline in proceeds reflected both a fall in the number of listings and a sharp reduction in billion-dollar IPOs,” the report said. “Based on listing market capitalisation, the number of IPOs valued at over $1bn fell from 14 in 2024 to just seven in 2025.”
Post-listing performance of GCC firms also weakened in 2025. By the end of the year, 28 companies were trading below their listing price, while only 13 recorded gains. One company was listed at the start of 2026.
“The post-listing performance was affected by prevailing regional challenges and concerns over elevated valuations sought by promoters ahead of listings,” the report said. “IPO gainers, however, tended to be niche offerings in sectors such as energy, software and services, and education, supported by strong fundamentals and growth prospects.”
Saudi Arabia dominates IPO market
Saudi Arabia retained its leadership position in the GCC IPO market in 2025, with 37 of the 42 regional IPOs listed on either the Main Market or the Nomu parallel market. However, the total number of IPOs in the kingdom declined from 42 deals in 2024.
In terms of proceeds, Saudi Arabia overtook the UAE in 2025, raising $4.2bn, marginally higher than $4.1bn in 2024, despite the decline in the number of listings. The UAE followed with total IPO proceeds of $1.1bn in 2025, down sharply from $4.1bn in 2024. IPO volumes in the UAE also fell, from seven listings in 2024 to just three in 2025.
Meanwhile, Kamco Investment noted that Oman’s privatisation momentum eased in 2025, with only one IPO during the year, compared with two state-owned listings in 2024 on the Muscat Stock Exchange. The IPO of state-owned logistics firm Asyad Shipping raised total proceeds of $332.8mn.
