🔦Upcoming IPOs in Middle East stock markets
Who's launching and what's coming to the market
👋 Hello All,
Welcome back to Free Capital. I write about investing, investors, stocks and shares. Our destination? ✈️ financial freedom ✈️. Sharing my research, analysis, thoughts and lessons along the way. Not financial advice. Do your own research. You too can build wealth and buy your freedom. See you at the Top? 😎💅🏻
~ LFN ~
I am preparing our next deep dive company analyses, and super confident you will enjoy reading them! One is in the Technology Services space, and the other is in Consumer Services.
In the meantime, I prepared this IPO watchlist for you. Each of these companies has announced intentions to list or is making moves towards announcing an IPO e.g. hiring banks, relocating head offices, making strategic acquisitions. The specific timelines may shift, but I will keep an eye out for progress updates, and share them with you.
Which companies do you recognise?
Flynas
Country: Saudi Arabia 🇸🇦 { \/ } Industry: Travel
Stock Exchange: Tadawul { \/ } % of Shares offered to investors: 30%
What it does: Low-budget airline flying 139 routes to 72 destinations within Saudi and across the Middle East, East and North Africa, India, Pakistan and Southern Europe.
IPO details: Flynas announced its intention to float early last month in May 2025. Subscriptions have now closed, and the first day of trading on the Tadawul stock exchange will soon be announced. Expect this to be trading before month end.
Specialised Medical Company Healthcare SMC
Country: Saudi Arabia 🇸🇦 { \/ } Industry: Healthcare
Stock Exchange: Tadawul { \/ } % of Shares offered to investors: 30%
What it does: Full service private healthcare company specialising in nephrology (kidney), IVF and fertility, oncology, and cardiology (heart). It treats with two main hospitals located in Riyadh, and a third one under construction in Northern Riyadh. The company is raising funds to build and operate 2 more hospitals in Northern Riyadh.
IPO details: SMC announced its intentions to list publicly in May 2025. It has been performing institutional book-building, and concluded with a final price announcement just last week. The window for retail investors to subscribe was postponed from May 28-29 2025, to June 15-16, 2025. Final subscriptions will be announced on 24th June, and the stock will trade on Tadawul shortly afterwards.
Etihad Airways
Country: UAE 🇦🇪 { \/ } Industry: Travel
Stock Exchange: ADX { \/ } % of Shares offered to investors: 20%
What it does: Etihad is the second largest airline in the UAE, after Emirates. The company is in strong shape, having undergone restructuring at the hands of new CEO Antonoaldo Neves. In its latest traffic reports, between Jan and May 2025, passenger traffic increased 17% to 8.4 million, and net profits tripled to $476 million. As part of its growth plans, the airline launched 10 new destinations, and it has plans to increase total serviced airports from 93 to 125 by 2030.
IPO details: Etihad previously indicated an IPO date in March 2025, but announced that it had pushed back plans to list until after the Eid break in April. For now, no announcements have been made, but I am expecting the airline to confirm a new listing date.
Dubizzle Group
Country: UAE 🇦🇪 { \/ } Industry: Technology
Stock Exchange: na { \/ } % of Shares offered to investors: na
What it does: Dubizzle Group owns and operates multiple classified companies in the Middle East. These include Bayut, a real estate and property marketplace, and DriveArabia, an online car sales marketplace for new and used cars.
IPO details: The company has been preparing for its IPO debut by strategically acquiring bolt-on companies, including Hatla2ee, an Egyptian online car marketplace (similar to DriveArabia), and Property Monitor, a market intelligence platform which provides estate agencies and property developers with market data, valuation reports.
Tabby
Country: Saudi Arabia 🇸🇦 { \/ } Industry: Fintech
Stock Exchange: na { \/ } % of Shares offered to investors: na
What it does: Buy-Now-Pay-Later (BNPL) startup which allows customers to purchase items from over 40,000 brands and merchants on credit, and pay for their transaction in up to 4 instalments. Tabby operates across the Middle East, with operations in Saudi Arabia, UAE, Bahrain and Qatar.
IPO details: Tabby raised $160 million in a Series E financing round in Feb 2025. This round is believed to be the last one before the company publicly lists on one of the Saudi stock markets in 2025 or 2026.
Which companies are you interested in learning more about?