Saudi Arabia led the Middle East and North Africa initial public offering market in the second quarter, raising $1.9 billion from 13 listings and accounting for 76 percent of the region's total proceeds. The largest listing was budget airline flynas, which contributed 44 percent of the quarter's IPO proceeds, followed by Specialized Medical Company and United Carton Industries. The surge in activity comes amid financial reforms and new regulations aimed at expanding funding avenues and encouraging private-sector participation.

Investor caution was evident, with most IPOs closing below their offer price on debut, and a notable rise in secondary listings indicated a preference for shareholder exits over raising new capital. The region saw landmark transactions such as Dubai Residential REIT in the United Arab Emirates, reflecting evolving exchanges and a broadening investor base. Looking ahead, analysts expect continued momentum with a healthy pipeline of IPOs planned for the second half of 2025 across Saudi Arabia, Egypt, Tunisia, and Morocco.