SNB Capital sees ‘positive' outlook for Tadawul, more IPOs, M&As in 2025
The outlook for the Saudi Exchange (Tadawul) is generally 'positive' for 2025, according to Zaid Al Ghoul, head of Investment Banking at SNB Capital.
He stated that 2024 witnessed a robust performance with 14 initial public offerings (IPOs) on the Main Market and 27 on the Nomu-Parallel Market, reflecting increased activity.
In an interview with Argaam on the sidelines of the Capital Markets Forum 2025, Al Ghoul said that the market witnessed a number of merger and acquisition (M&A) deals, consistent with previous years, and an ongoing momentum in debt issuances this year.
There are great opportunities for M&A activity, especially in the insurance and cement sectors, amid higher private equity activity, as some companies tend to restructure or merge in preparation for a public offering, Al Ghoul said. He expected this trend to continue, especially as the market develops and the quality of listed companies improves.
He added that M&A activity has become more vibrant, noting that SNB Capital launched a division specialized in this field in 2024, which successfully closed a large number of deals.
Al Ghoul said secondary offerings witnessed remarkable progress in 2024, as some strategic shareholders sold their stakes in listed companies, such as Aramco's $12 billion secondary offering, in addition to the Public Investment Fund's (PIF) $1 billion offering in stc.
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