Four companies said to be working on Saudi listings

At least four companies are reportedly preparing to launch initial public offerings on the Saudi stock exchange.

The market has yet to record any major listings so far this year, compared with at least three by this time last year.

Among the potential deals, AlKhorayef Petroleum, owned by AlKhorayef Group, has engaged Citigroup, JPMorgan Chase and BSF Capital on a possible share sale, Bloomberg reported, quoting unidentified sources.

ArcelorMittal Tubular Products Jubail, a joint venture backed by the Public Investment Fund and global steelmaker ArcelorMittal, is said to be working with Moelis & Co on a listing and may appoint banks to assist with the offering.

Etihad Salam Telecom Company is also preparing for an IPO arranged by BSF Capital, while Mutlaq Al Ghowairi Contracting is exploring a potential offering that could value it as up to SAR15 billion ($4 billion), Bloomberg said.

However, no final decisions have been taken on any of the transactions.

Companies raised $4.2 billion in the kingdom in 2025, though only two of the 10 largest IPOs are currently trading above their offer price, the report said.

This month analysts told AGBI that there will be fewer IPOs on the Saudi bourse this year, but that PIF will play a more active role in supporting the market.

The Saudi Exchange was the region’s worst-performing bourse in 2025. The Tadawul All-Share Index, which tracks the main market, fell by almost 13 percent.

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