Saudi developer’s share price slips on Tadawul debut

Al Ramz Real Estate Company’s share price opened down 6 percent and extended losses on its debut on the Saudi Exchange (Tadawul) on Thursday, amid a tough year for Saudi listings.

The developer sold 30 percent of its share capital, or 12.86 million shares, on the main market (Tasi) at SAR70 ($18.67) per share, raising nearly SAR900 million.

The stock fell 6.4 percent at market opening to SAR65.50. It was down 9 percent at 2 pm Saudi time, with 1.4 million shares changing hands for SAR93.8 million.

The daily and fixed price fluctuation limits for the first three days are over or under 30 percent and 10 percent, respectively. 

Al Ramz Real Estate began operations in Riyadh in 2016 and converted to a closed joint-stock company in 2021, according to its website.

Earlier this month, property manager EFSIM Facilities Management withdrew its initial public offering from the Saudi Exchange without giving any reason.

IPOs have struggled on the Saudi market this year. However, Tadawul CEO Mohammed Alrumaih has been bullish on the year ahead, telling an audience in Tokyo this month that the IPO pipeline was “vibrant” with about 40 on the cusp of launching an initial offering across the main or junior market. 

In 2025, 13 companies launched IPOs on the main market, raising more than $3.9 billion, making Saudi Arabia easily the largest IPO market in the GCC by both number and proceeds.

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