The Middle East and North Africa (MENA) region saw a significant uptick in initial public offering (IPO) activity during the first quarter of 2025, with 14 companies going public and raising a combined total of $2.4 billion, according to a report released Tuesday by professional services firm Ernst & Young (EY).
The figure marks a 40% increase in the number of IPOs compared to the same period in 2024 and more than doubles the total proceeds raised, which rose by 106% year-on-year. The report highlights a strong appetite for public listings across the region, particularly in the UAE, Saudi Arabia, and Oman.
Among the notable IPOs during the quarter was the listing of Alpha Data, a software and IT services firm based in the United Arab Emirates. The company raised $163 million through its debut on the Abu Dhabi Securities Exchange (ADX), the only IPO recorded in the UAE during the quarter.
Saudi Arabia and Oman accounted for the remaining IPOs, although the EY report did not provide a detailed breakdown by country. Still, the activity reflects the region’s continued push to diversify economies, develop capital markets, and attract foreign investment.
“The increase in IPO activity across MENA is a clear sign of investor confidence and the success of market reforms,” said Gregory Hughes, EY’s MENA IPO and Transaction Diligence Leader. “We are seeing growing demand for public listings, which in turn is encouraging the development of new financial products, improved corporate governance, and enhanced transparency.”
Looking ahead, the IPO pipeline remains robust. EY’s report notes that at least 21 companies are preparing to go public in the remainder of 2025, spanning various sectors including technology, manufacturing, energy, and consumer goods. This anticipated activity underscores sustained momentum following a strong 2024, when MENA saw a surge in listings, particularly from family-owned businesses and state-backed enterprises seeking to capitalize on market reforms.
With continued investor interest and supportive regulatory frameworks, the region appears well-positioned to maintain its IPO momentum throughout the year.
“The outlook is positive,” added Hughes. “If market conditions remain favorable, 2025 could be another record-setting year for MENA public markets.”
