The GCC region is gearing up for a dynamic year in its capital markets, with a robust pipeline of approximately 73 Initial Public Offerings (IPOs) expected in 2026, according to a new report from Kuwait-based Kamco Investment. This anticipated surge follows a period of relative quiet, signaling renewed confidence and a backlog of companies ready to go public.
The pipeline includes a mix of companies at various stages of readiness, from officially announced to rumoured listings. It also features firms that had previously deferred their IPO plans due to valuation concerns, especially after GCC equity markets lagged behind the global rally in 2025.
A Subdued 2025
The forecast for 2026 stands in stark contrast to the market activity of 2025. Primary market activity across the GCC saw a sharp contraction, hitting a four-year low with only 42 IPOs recorded. This slowdown was primarily attributed to a decrease in large-ticket offerings.
In terms of capital raised, GCC issuers secured $5.8 billion through IPOs in 2025, the lowest figure in five years and a significant 54.8% drop from the $12.9 billion raised in 2024. The number of billion-dollar IPOs was halved, falling from 14 in 2024 to just seven in 2025.
Post-listing performance also weakened, with 28 of the newly listed companies trading below their offering price by the end of the year. The report attributes this to regional challenges and elevated valuation expectations from promoters.
Saudi Arabia Leads The Charge
Saudi Arabia is set to continue its dominance of the regional IPO market. According to the CEO of the Saudi Exchange, 40 companies have already applied for listing, a number that could rise to nearly 100 when including those currently seeking financial advisors.
Prominent PIF-backed companies like Saudi Information Technology Company are in the pipeline, alongside tech firm Ejada Systems, which is expected to reapply for its IPO. Other notable names include AlKhorayef Petroleum, Sudair Pharmaceutical, and Lean Technologies. The Kingdom’s Nomu parallel market is also expected to attract smaller companies from sectors like car rentals and food and beverage.
Robust Activity Across The UAE and Wider GCC
The UAE’s IPO pipeline includes several large-scale offerings. In Dubai, Binghatti Holding, Dubai Investments Park Development, Arabian Construction, and Majid Al Futtaim Holding are among the candidates. Meanwhile, Abu Dhabi anticipates major listings from Emirates Global Aluminium, Masdar, and Etihad Airways.
Elsewhere in the region, Oman is expected to list at least two government-owned entities, including Oman India Fertiliser Company (Omifco) and Minerals Development Oman. Kuwait also has at least two companies that have announced listing plans, with a third at the rumoured stage.
About Kamco Investment
Kamco Investment Company is a premier investment company with a regional presence and a global outlook. Established in 1998 and listed on Boursa Kuwait in 2003, Kamco is a subsidiary of KIPCO Group. It is an independent, fully-fledged investment company licensed by the Capital Markets Authority and a leading asset manager in the region.
Source: Muscat Daily
