Signal · Geopolitical Risk

‎3 CMA IPO approvals expire today

Argaam - Main News Trade press Published 30th September 2026 Saudi Arabia

What the source reported

Source-reported

‎<img src="https://argaamplus.s3.amazonaws.com/793904f1-c16f-4a21-a13f-51e8ba565f90.png" > <hr> In this report, Argaamannounces the companies that received approval from the Capital Market Authority (CMA) to register and offer shares on the Main Market (TASI) and Nomu-Parallel Market but failed to complete their planned offerings and listings this year before the six-month approval period expired. The CMA’s approval remains valid for six months from the date of the CMA board’s resolution. However, it is deemed canceled if the company fails to complete the offering and listing within that period. The approval period for three TASI-listed companies, <a href="http://www.argaam.com/en/tadawul/tasi/petrolube" target="_blank">Petrolube</a>, Facilities Management Company (<a href="http://www.argaam.com/en/tadawul/tasi/fmco" target="_blank">FMCO</a>) and <a href="http://www.argaam.com/en/tadawul/tasi/berain-water" target="_blank">Berain Water Co.</a>, expires today, Sept. 30. While the approval period for three other companies, <a href="http://www.argaam.com/en/tadawul/tasi/aldyar-alarabiya" target="_blank">Arabian Dyar Real Estate Development Co.</a>, <a href="http://www.argaam.com/en/tadawul/tasi/alandalus-education" target="_blank">Alandalus Educational Co.</a>, and <a href="http://www.argaam.com/en/tadawul/tasi/al-romansiah" target="_blank">Alromansiah Co.</a>, expired earlier this year. <div ></div> TASI-Listed Companies with Expired IPO Approval Periods <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Company </td> <td > Offering Size (mIn) </td> <td > Offering % </td> <td > Approval Expiry </td> <td > Activity </td> </tr> <tr> <td > Petrolube </td> <td > 9 </td> <td > 30% </td> <td > Sept. 30 </td> <td > Manufactures lubricants and greases, with plants in Jeddah, Riyadh, and Dubai, and products distributed across more than 50 countries. The company is wholly owned by Petromin, Al-Dabbagh Group subsidiary. </td> </tr> <tr> <td > FMCO </td> <td > 42 </td> <td > 30% </td> <td > Sept. 30 </td> <td > Offers facilities management services and integrated solutions that enhance asset efficiency and support operational sustainability. </td> </tr> <tr> <td > Berain </td> <td > 66 </td> <td > 30% </td> <td > Sept. 30 </td> <td > Operates in Saudi Arabia’s bottled water sector, with three production plants in Riyadh and Jeddah. The company is owned by Rajhi Invest. In March 2025, Hassana Investment Co., the investment arm of GOSI, acquired a 40% stake in the company. </td> </tr> <tr> <td > Arabian Dyar </td> <td > 97.5 </td> <td > 30% </td> <td > June 30 </td> <td > Developing the Dyar AlHaram project in Makkah in several phases, with an investment of approximately SAR 10 bln. The investment portfolio is valued at around SAR 15 bln. </td> </tr> <tr> <td > Alandalus Educational </td> <td > 24.9 </td> <td > 30% </td> <td > May 26 </td> <td > Owns and operates Al Andalus private schools, with campuses across Jeddah, Makkah, Taif, Abha, Khamis Mushait, Al-Jouf, and Najran. </td> </tr> <tr> <td > Alromansiah </td> <td > 18 </td> <td > 30% </td> <td > March 29 </td> <td > Operates a restaurant chain with 50 outlets across Saudi Arabia, in addition to branches in Bahrain. The company has around 5,000 employees and a fleet of 600 vehicles. </td> </tr> </tbody> </table> For Nomu, the approval period has expired for four companies that were scheduled to offer their shares for subscription, most recently Khairat Co., as shown in the table below: Nomu-Listed Companies with Expired IPO Approval Periods <table border="1" cellpadding="0" cellspacing="0" width="114%"> <tbody> <tr > <td > Company </td> <td > Offering Size (mIn) </td> <td > Offering % </td> <td > Approval Expiry </td> <td > Activity </td> </tr> <tr > <td > Khairat </td> <td > 0.25 </td> <td > %23.81 </td> <td > Sept. 16 </td> <td > Manufactures livestock and poultry feed and barley substitutes. Its plant is located in Khamis Mushait, Aseer Province, with an annual production capacity of 360,000 tons. </td> </tr> <tr > <td > Al-Rahden </td> <td > 3.52 </td> <td > 20% </td> <td > June 29 </td> <td > Provides laundry and cleaning services for clothes, furnishings, and other items. Established in 1990, the company operates several branches across Saudi Arabia. </td> </tr> <tr > <td > Hamad M. Aldrees </td> <td > 1.22 </td> <td > 20% </td> <td > June 22 </td> <td > Owns two subsidiaries: a mining company established in 1995 that specializes in producing silica sand and limestone, and an architectural doors factory established in 2007 that manufactures architectural metal doors and related products. </td> </tr> <tr > <td > Sajida International </td> <td > 0.34 </td> <td > 20% </td> <td > June 3 </td> <td > Operates primarily in the food, beverage, and bakery sectors under several brands, notably Furn Aldayaa and Sabroso. The company also supplies bakery products to businesses and corporate customers (B2B). </td> </tr> </tbody> </table> Meanwhile, three other companies, namely <a href="https://www.argaam.com/en/tadawul/nomu/pre-scene-medical" target="_blank">BaraSeen Medical Co.</a>, <a href="https://www.argaam.com/en/tadawul/nomu/arabian-romoz" target="_blank">Arabian Romoz Co.</a>, and <a href="https://www.argaam.com/en/tadawul/nomu/al-manhal" target="_blank">AlManhal Co.</a>, are still completing preparations for their IPOs, with their six-month regulatory approval periods set to expire toward the end of 2026. The CMA approved their offerings in late June 2026. Companies with CMA-Approved IPOs Underway <table border="1" cellpadding="0" cellspacing="0" width="114%"> <tbody> <tr > <td > Company </td> <td > Offering Size (mIn) </td> <td > Offering % </td> <td > Approval Expiry </td> <td > Activity </td> </tr> <tr > <td > BaraSeen </td> <td > 3.3 </td> <td > %17.1 </td> <td > Dec. 24 </td> <td > A healthcare company specializing in operating the BaTik X Radiation Therapy Center for cancer patients, the Kingdom’s first specialized center for radiotherapy services. </td> </tr> <tr > <td > Arabian Romoz </td> <td > 0.95 </td> <td > %11.95 </td> <td > Dec. 29 </td> <td > Established in 2018, the company operates in the real estate sector and has three main projects, according to its website: RATL Offices, RASAFA, and Noor Villa. </td> </tr> <tr > <td > AlManhal </td> <td > 0.9 </td> <td > 15% </td> <td > Dec. 29 </td> <td > Operates in the treatment, bottling, and distribution of fresh water in various sizes. </td> </tr> </tbody> </table> The failure of several companies to complete their IPO procedures comes amid several challenges facing the primary market, including <a href="https://www.argaam.com/en/article/articledetail/id/1933864" target="_blank">slower IPO activity in Saudi Arabia this year</a>, weaker performance by some recently listed companies, and a decline in the Saudi market’s main index. Lower share prices have also made pricing more challenging for companies seeking to go public, particularly as valuations of several listed companies have fallen from previous levels. CMA data showed that the number of outstanding IPO applications across TASI and Nomu fell to 33 at the end of Q1 2026, from 45 at the end of Q4 2025; of these, 10 applications were for TASI and 23 for Nomu.

Publication: Argaam - Main News · Trade Publication
Published: 30th September 2026
Original report: argaam.com

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What ProcIntel recorded

ProcIntel-derived

Category: Geopolitical Risk
Geography: Saudi Arabia
Organisations: None identified
Collected: 30th September 2026 · 15:17

Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.

A provisional, automatically computed reading of this individual Signal, before Event extraction or human review. Not a final rating.

Significance 3 · Material

Confidence 3 · Moderate

Initial Significance Material (43.0/100). Strongest contributor: Procurement Impact (27.0/30 points). Limiting factor: Geographic Breadth (0.0/10 points). Initial Confidence Moderate (44.75/100, data sufficiency: Partial). Strongest contributor: Source Authority (20.0/40 points). Limiting factor: Corroboration (2.5/25 points).

Strongest contributor: Procurement Impact
Limiting factor: Geographic Breadth

What the source reported

What ProcIntel recorded

Initial assessment ⓘMore about Initial Signal AssessmentProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.

Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.