Tadawul raises $4.7bn through 27 new listings in H1 amid healthy pipeline 

Tadawul raises $4.7bn through 27 new listings in H1 amid healthy pipeline 

RIYADH: Saudi Arabia’s stock market saw significant growth in listings in the first half of 2022, with initial public offerings on the main index alone raising SR15.2 billion ($4 billion). Along with 10 record listings, TASI witnessed nine further offerings from existing listed companies, generating SR10.7 billion, a report by the Saudi Exchange shows. This year’s biggest IPOs were pharma chain operator Nahdi Medical Co., Public Investment Fund’s digital security firm Elm Co., and Aldawaa Medical Services Co. Nahdi topped the list with a SR5.12 billion IPO on Saudi Arabia’s main market, followed by Elm with SR3.07 billion in proceeds. Aldawaa raised almost SR1.86 billion. Among the major listings were also Al Masane Al Kobra Mining Co. and Retal Urban Development Co. which raised SR1.25 billion and SR1.44 billion, respectively. On the Nomu parallel market, a total of 10 IPOs raised SR2.4 billion in proceeds, combined with seven direct listings. Online food delivery platform Jahez International Co. for Information System and Technology joined Nomu in early 2022, after raising SR1.6 billion in proceeds. “These new listings reflect the continued strength and attractiveness of the Saudi Exchange markets across the MENA region as well as our strategy to offer companies a