Quarry operator announces Saudi’s first IPO of 2026

Construction materials company Saleh Abdulaziz Al Rashed & Sons has become the first Saudi company of 2026 to issue a prospectus for an initial public offering on the main market of the Saudi Exchange.

The company, which received Capital Market Authority (CMA) approval last September to list, is offering 5.58 million shares, 30 percent of the company. 

The book-building process and subscription period will run from February 1 until February 5. The subsequent share sale will take place between February 12 and February 17. 

Final allocation has been scheduled for February 24. No listing date has yet been announced.

The company operates seven quarries across Saudi Arabia and owns 17 wholesale distribution outlets for construction materials. It also owns four mining companies: Quality Rock Mining Company, Durrat Al Mabanee Mining Company, Red Sand Mining Company and National Shield Mining Company.

Companies raised nearly $4 billion through offerings in Saudi Arabia last year.

Saleh Abdulaziz Al Rashed & Sons did not respond to requests for comment.

Further reading:

• EFSIM Facilities pulls IPO from Saudi Exchange
• Analysts expect ‘fewer but better’ Gulf IPOs in 2026
• Forty IPOs are under review, Tadawul CEO says

Four other companies have CMA approval to begin the IPO process. Restaurant chain Al Romanisah was granted approval to list in September and has until the end of March before the six-month window closes.

On January 1, the CMA announced the approval of three companies: IT company Dar Albalad For Business Solutions, engineering company Mutlaq Al-Ghowairi Contracting Company and developer AlDyar AlArabia Real Estate Development Company.