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Nomu · Gulf

Nomu - Parallel Market

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026Data is being verified. Figures may be incomplete.
Location
Riyadh, Saudi Arabia
Regulator
Capital Market Authority (CMA)
Trading currency
SAR
Indicative timeline
Not specified

Listing segments

Parallel Market (Nomu)

Minimum market capitalisation
USD 13m
Minimum free float
20%
Track record
1 year
Profit required
No
Minimum shareholders
50
Lock-up
12 months

Under the amended Listing Rules approved by the CMA on 24 Nov 2025: minimum expected aggregate market value at IPO SAR 50m (approx. USD 13m; previously SAR 10m); public float at least 20% of the class or, if less than 20% is offered, publicly held shares worth at least SAR 50m (previously SAR 30m) and never below 10% of the class; at least 50 public shareholders (Baker McKenzie Feb 2026, Argaam Nov 2025). Confirmed in the CMA OSCOs: joint stock company, main activity for at least 1 year, audited financial statements for the preceding financial year, no profit requirement, 12-month lock-up for substantial shareholders (the 6-month Main Market period is replaced with 12 months). A direct listing route (without an offering) also exists; its current value threshold was not verified.

Foreign issuers

Per Baker McKenzie (Feb 2026), Nomu is open to Saudi joint stock companies and GCC joint stock companies majority-owned by GCC nationals; other foreign issuers should consider the Main Market.

Recent changes

24 Nov 2025 (CMA resolution, published by Saudi Exchange 26 Nov 2025): IPO minimum market value raised from SAR 10m to SAR 50m and the public float value floor from SAR 30m to SAR 50m with a 10% minimum; qualified investor categories widened (holders of a bachelor degree in finance, investment or accounting; trading threshold lowered from SAR 40m to SAR 20m over 12 months; board and committee members of Nomu issuers). The market remains limited to qualified investors - it has not been opened to general retail. April 2026: CMA approved a SPAC framework for Nomu.

Strengths

  • Lighter entry for SMEs and family businesses: 1 year of activity and 1 year of audited accounts
  • No profit requirement
  • Stepping stone to a later transfer to the Main Market

Watch-outs

  • Offerings and trading remain limited to qualified investors - no general retail access, so liquidity is lower
  • Minimum IPO size raised to SAR 50m in Nov 2025
  • 12-month lock-up for substantial shareholders

Sources

  1. 01CMA Rules on the Offer of Securities and Continuing Obligations (amended by CMA Board resolution 3-6-2026 dated 19.01.2026), Arts. 23, 72, Part on Parallel Marketprimary source
  2. 02CMA: The Capital Market Authority Opens the Parallel Market to New Categories of Investors (26 Nov 2025)primary source
  3. 03Argaam: Tadawul approves amended market rules (Nov 2025)
  4. 04Lexis Middle East: Tadawul Updates Market Rules with New Listing and Investment Criteria (28 Nov 2025)
  5. 05Baker McKenzie Cross-border Listings Guide - Saudi Stock Exchange (updated 1 Feb 2026)

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer