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Saudi Arabia’s bourse generates over $4bn from IPOs in H1 2022

By Pramod Kumar
The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion Reuters/Ahmed Yosri
The kingdom is currently in talks with more banks as it aims to get advisers on board for Aramco's upcoming IPO

The Saudi Exchange (Tadawul) have raised SAR 15.2 billion ($4.04 billion) in the first half of 2022 through initial public offerings (IPOs), Arab News reported.

The bourse saw 10 listings and nine offerings from existing listed companies, generating SAR 10.7 billion.

Nahdi Medical Company was the biggest on the IPO list, garnering a collection of SAR 5.12 billion on the Tadawul All Share Index (TASI), followed by Public Investment Fund-backed Elm Company at SAR 3.07 billion.

Other prominent listings were Al Masane Al Kobra Mining Co. (AMAK) and Retal Urban Development Co., which raised SAR 1.25 billion and SAR 1.44 billion, respectively.

The Nomu – Parallel Market – an alternative stock exchange with lighter listing requirements, particularly for SMEs, saw 10 IPOs raise SAR 2.4 billion in proceeds, including seven direct listings.

Tadawul chief of listing Nayef Al-Athel said there remains a healthy pipeline of companies looking to join the exchange, mainly buoyed by strong market movements across the utilities, energy, and healthcare sectors.

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