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

The PIF has stakes in 22 listed companies, including Saudi Aramco Reuters/Ahmed Yosri
Luberef will sell nearly 30 percent of the company's issued share capital

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.