Saudi IPOs Raise $2.8 Billion in First Half of 2025 – flynas Leads the Pack
Saudi Arabia’s stock market saw strong growth in the first half of 2025, with six companies raising a total of $2.8 billion through initial public offerings (IPOs) on the main market. This shows growing investor interest in different sectors like aviation, healthcare, real estate, finance, and industry. It also supports Saudi Arabia’s Vision 2030 plan to grow the private sector and open more companies to public investment.
Here are the main IPOs in H1 2025:
1. flynas
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IPO value: $1.1 billion
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Closing date: June 1, 2025
flynas, a leading low-cost airline in Saudi Arabia, raised $1.1 billion by offering 30% of its shares to the public. The IPO was very popular—demand from big investors was nearly 100 times higher than supply, and public interest was 349.7% oversubscribed.
In 2024, flynas made $2 billion in revenue and earned a profit of $115.6 million. By mid-2025, it flew more than 2,000 weekly flights to 70+ cities across 30 countries. Major shareholders include National Flight Services (28.9%), Kingdom Holding (27.4%), and Nasser Al Rashid (6.5%).
2. Umm Al-Qura for Development and Construction
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IPO value: $523.1 million
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Closing date: March 9, 2025
This real estate company raised over $500 million. It’s known for developing the Masar project in Makkah, which includes hotels, homes, and transport services. The funds will help speed up construction and attract global hotel brands, supporting religious tourism in the city.
3. Specialized Medical Company (SMC Healthcare)
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IPO value: $500 million
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Closing date: June 16, 2025
SMC Healthcare raised $500 million by offering 30% of its shares. The company runs hospitals and clinics, and sells medical equipment. It plans to use the money to grow its services and invest in digital healthcare. This supports Saudi Arabia’s goal to improve healthcare through private sector investment.
4. Derayah Financial
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IPO value: $399.6 million
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Closing date: February 22, 2025
Derayah Financial, a digital-focused investment and brokerage firm, raised nearly $400 million. It sold 20% of its shares at $8 each. The company now manages $4.8 billion in assets and serves over 555,000 clients. It is known for its tech-driven platform and financial services.
5. United Carton Industries Company (UCIC)
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IPO value: $160 million
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Closing date: May 13, 2025
UCIC, a packaging company, raised $160 million by offering 30% of its shares. The company makes corrugated cardboard boxes and supplies major clients. The funds will help modernize its factories, open new plants, and support eco-friendly initiatives.
6. Arabian Company for Agricultural and Industrial Investment (Entaj)
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IPO value: $120 million
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Closing date: February 27, 2025
Entaj, a major poultry producer under the ARASCO Foods brand, raised $120 million. It offered 30% of its shares to the public. The company recently expanded its operations to process 600,000 chickens per day. The IPO reflects Saudi Arabia’s focus on food security and local agricultural production.
Published: 30th June 2025
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