Owners usually look at an IPO for two reasons: to raise money for the company and to turn part of their stake into cash or tradable shares. Both goals can be reached in other ways. A company already listed at home can add a second exchange through a dual listing or depositary receipts. A private joint stock company can list its existing shares without an offering, through a direct listing or the private market segments that ADX and DFM run for such companies. A SPAC merger gives a listing through a negotiated deal with a sponsor.
Some routes do not involve listing shares at all. A sale of a minority or majority stake to a strategic buyer or a private equity fund brings cash and a partner without public disclosure. A listed bond or sukuk raises money without diluting the owners and teaches the company to work with capital market investors, a rating agency and an exchange. These options were especially relevant in 2026: according to AGBI, private M&A accounted for about 83% of exit value in MENA in the first half of the year, while PwC described the Middle East IPO market as largely closed from February.
The routes differ in four respects that matter most to owners: who sets the price, how much control they keep, how much has to be disclosed and how long the process takes. A classic IPO sets the price in a bookbuilding and keeps control with the owners, but requires full disclosure and usually 12 to 24 months of preparation, by EY and PwC summaries. A private sale is negotiated and confidential, but may hand over control. A direct listing and a dual listing need public disclosure but no offering. A SPAC and a bond sit in between, each with its own costs.
The articles below cover each route in turn: dual listing and depositary receipts, direct listing, SPAC, sale of a stake to a strategic buyer or fund, and bonds and sukuk. The section is educational and contains no offers to investors or recommendations on specific transactions.