Retail tranche of Saudi’s first 2026 IPO 161% oversubscribed

• Saleh Abdulaziz Al Rashed IPO
• 161% oversubscribed
• More than 38,300 subscribers

The retail tranche of Saleh Abdulaziz Al Rashed & Sons’ initial public offering was 161 percent oversubscribed, with orders reaching SAR122 million ($32 million).

More than 38,300 people subscribed at a final price of SAR45 per share, the construction materials company said in a statement. Each subscriber is set to receive at least 10 shares.

The retail offering ran from February 12 to 17.

Saleh Abdulaziz Al Rashed & Sons is the first Saudi company to launch an IPO on the Saudi Exchange’s main market this year. The business, which received Capital Market Authority approval to list last September, offered 5.58 million shares, 30 percent of the company. 

The institutional book-building process, which ran from February 1 to 5, accounted for 70 percent of the total offer shares. The offering was oversubscribed 67 times, with total orders reaching SAR17 billion. 

No date was given for the listing, which will take place following completion of all listing formalities.

Saleh Abdulaziz Al Rashed & Sons operates seven quarries across Saudi Arabia and owns 17 wholesale distribution outlets for construction materials. It also owns four mining companies: Quality Rock Mining Company, Durrat Al Mabanee Mining Company, Red Sand Mining Company and National Shield Mining Company.

• Four companies said to be working on Saudi listings
• PIF to be ‘active’ in Saudi IPOs this year, analysts say
• The GCC IPO boom has ended. The outlook for 2026 is mixed

Earlier this week, Bloomberg reported that at least four companies were preparing to launch IPOs on the Saudi stock exchange.

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.