The outlook for MENA equity and equity-linked issuance is expected to strengthen in 2026, as issuers that delayed listing plans during a year defined by market volatility and heightened uncertainty look to re-enter the capital markets.
Total MENA equity and equity-related issuance reached USD 15.4B in 2025, representing a 49% decline compared with 2024, according to LSEG data. Deal volumes also weakened, with the number of transactions down 9% year on year.
Christopher Laing, Head of ECM at EFG Hermes Investment Banking, noted that while 2025 delivered solid issuance levels, it followed an exceptional 2024 marked by several outsized transactions, making year-on-year comparisons inherently challenging.
Activity in 2024 was driven by a series of standout deals, including Saudi Aramco’s follow-on offering, which raised more than USD 11B, the USD 2B IPO of Oman Exploration & Production, and multibillion-dollar listings by Talabat and Lulu in the UAE.
EFG Hermes ranked first in the 2025 MENA ECM underwriting league tables, securing a 9% market share. However, total proceeds from its 12 transactions declined by 50% to USD 1.45B, reflecting the broader slowdown across regional equity markets.
Laing said he remains “very confident and excited” about the coming quarters, citing a substantial pipeline of IPOs expected to progress following Ramadan.
He added that EFG Hermes is currently advising a broad base of companies preparing for public listings, alongside shareholders evaluating partial exits from existing portfolio holdings.
The year is expected to feature a combination of IPOs and secondary offerings, with Laing emphasising that the overall quality of issuers remains strong, supporting expectations for a successful issuance environment.
