BDO Saudi Arabia IPO Experience Survey 2026

First-hand experience of 24 Saudi IPO leaders. Full report.

IPO survey 2026 ksa

Welcome to the BDO Saudi Arabia IPO Experience Survey 2026, a report developed by BDO Saudi Arabia’s Capital Markets and Deal Advisory teams. Over the last five years, Tadawul has evolved from a domestically anchored exchange into one of the world’s top ten by market capitalisation. Vision 2030, PIF-led privatisations and the continued development of Nomu have combined to create a listing pipeline that is now among the deepest globally.

Drawing on the first-hand experiences of 24 chairs, CEOs, CFOs and board members from companies that have successfully listed on the Saudi Main Market and Nomu, the survey offers a leadership perspective on the Kingdom of Saudi Arabia’s evolving capital markets landscape. The findings provide insights from organisations across the consumer, oil and gas, renewables, energy, healthcare, financial services, real estate, industrial and technology sectors.

Tadawul's evolution into a global capital markets hub

Tadawul closed FY25 with a market capitalisation of approximately SAR 8.8 trillion (USD 2.4 trillion), ranking as the 9th largest among the 67 member exchanges of the World Federation of Exchanges. The exchange ended the year with 266 companies on the Main Market and 126 on Nomu. Between 2014 and 2025, the Main Market hosted 104 IPOs raising a combined ~USD 68 billion, a run anchored by Saudi Aramco's record USD 25.6 billion listing in December 2019. In 2025 alone, Saudi Arabia raised USD 4.1 billion across 36 IPOs, again leading the GCC in proceeds.

SAR 8.8tn

Tadawul market cap, end-2025

266+

Main Market listed companies

36

KSA IPOs in 2025

USD 4.1b

KSA IPO proceeds 2025

USD 68b

Cumulative Main Market IPO raise

126+

Nomu listings since 2017

The upside is real. So is the readiness gap

The executive summary of the BDO Saudi Arabia IPO Experience Survey 2026 sets the tone for the report: issuers are overwhelmingly positive about the outcome of going public, but almost universally wish they had strengthened their financial reporting systems and controls earlier.

  • 83% say raising growth capital was their number one IPO objective
  • 88% cite CMA/Tadawul regulatory compliance as the toughest readiness workstream
  • 67% found the total IPO cost higher than they had budgeted for
  • 88% say the IPO strengthened corporate governance, brand visibility and market credibility
  • 46% experienced market demand exceeding their valuation expectations

Key BDO Saudi IPO Experience Survey insights

The anonymous survey consisted of 13 questions covering the full IPO lifecycle: why companies chose to go public, where readiness was tested, how the process was managed and what it cost, what investors looked for, what changed after listing and what leaders would do differently. It also asked which alternatives they considered before deciding to list. The full findings, question by question, are available in the complete report.

5 takeaways for the next generation of Saudi IPOs

1
Start earlier than you think. 79% wish they had invested in financial reporting readiness 12–18 months before the IPO timetable began.
2
Build a clear equity story. A credible growth narrative drove demand beyond expectations for almost half of issuers.
3
Budget for cost overruns. Two-thirds ran over budget. Nomu-scale deals should assume 2%+ of proceeds in total transaction costs as a working baseline.
4
Prepare for the post-listing shift. 75% cite investor expectation management as the biggest post-IPO challenge. Build the Investor Relations (IR) function before you need it.
5
Keep the alternatives alive until you don’t need them. 58% seriously weighed a strategic sale before choosing to list.
IPO survey 2026 ksa
IPO survey 2026 saudi arabia

IPO success requires more than regulatory compliance

Get a credible growth story in the BDO Saudi Arabia IPO Experience Survey 2026.

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