Saudi marketUpdated November 2

CMA adopts new IPO rules

The Capital Market Authority adopted the provisions on 2 November 2026, and they took effect upon publication. The package requires an underwriting agreement to be signed and effective before book-building begins; the underwriter’s commitment to buy all offer shares takes effect when book-building starts. If that ownership would breach listing requirements, the issuer’s shares are not listed, but the underwriter remains obligated to buy them. Book-building requests must reflect investors’ actual available liquidity, with solvency checks limited to cash or cash equivalents, and must be payable by the deadline in the prospectus. Issuers must disclose specified future-performance statements and forecasts. Forecasts must be clear, not misleading, reasonable and measurable; financial advisers must exercise due professional care and form a reasonable opinion. The CMA says the provisions aim to improve offer discipline and efficiency and make information available to investors more reliable.

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Coverage started November 2