60 IPOs executed on Saudi Stock Exchange in 2024, a 36.4% increase

By: Mamdoh Almalki

The Saudi Capital Market Authority (CMA) revealed in its 2024 annual report a significant increase in the number of approved IPO applications, reaching 60 compared to 44 in 2023, an increase of 36.4%. IPO applications on the parallel market accounted for 66% of these applications.

The CMA explained that the offering applications varied between the main market and the parallel market (Nomu). The number of IPO applications on the parallel market reached 40 in 2024 compared to 32 in 2023, an increase of 25%. The number of offerings on the main market also increased from 8 to 16, recording a 100% growth. The number of direct listing applications on the parallel market remained stable at 4 during 2024, the same rate as in 2023.

This increase in offerings is part of the CMA’s ongoing efforts to enhance the attractiveness and depth of the financial market and provide diverse financing channels for companies, contributing to supporting the national economy and achieving the goals of Saudi Vision 2030.

It is noteworthy that the sukuk and debt instruments market in the Kingdom recorded remarkable growth during 2024, with the total value of issuances increasing by 20% to SAR 663.5 billion, and the percentage of funds raised from offerings increasing by 35% to SAR 40.43 billion, a direct reflection of a package of regulatory improvements adopted by the CMA.