Health Water Bottling, Etihad Salam, and Alkhorayef are advancing IPO plans too; Alkhorayef is PIF-backed and nearing regulatory approval. JPMorgan holds an Alpha Score of 50/100.
Alpha Score of 50 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
A fresh wave of Saudi initial public offerings is taking shape, led by delivery startup Ninja's selection of banks for a potential $1 billion listing. The pipeline also includes Health Water Bottling Co. (HWB) , a subsidiary of Olayan Group, telecom services provider Etihad Salam Telecom Co. , and several industrial names backed by the Public Investment Fund (PIF) , according to Asharq Business.
Olayan Financing Co. is working with Lazard Saudi Arabia Ltd on an IPO for Sehha Water Factory Co. , the operating entity behind HWB, and is in the process of contracting additional banks. Etihad Salam Telecom is seeking firms for secondary banking roles, indicating its listing preparations are well underway.
Bloomberg reported in February that several companies in oilfield services, manufacturing, telecommunications, and contracting were preparing for Saudi market listings. The current roster confirms that pipeline is advancing with concrete advisory mandates and regulatory steps.
ArcelorMittal Tubular Products Jubail Co. appointed JPMorgan Chase & Co. and HSBC Holdings plc as advisers. The selection of a global coordinator of JPMorgan's scale points to an offering that may target international institutional demand alongside local liquidity. JPMorgan trades at $303.70 , up 1.24% on the session, with an Alpha Score of 50/100 (Mixed) , a balanced risk-reward profile that signals franchise durability without near-term momentum. The presence of the PIF as a shareholder in ArcelorMittal Tubular and Alkhorayef Petroleum often reduces execution risk; the fund's deep local market influence can anchor allocations and help stabilize the bookbuild.
For Ninja, the $1 billion target would make it one of the larger recent Saudi IPOs if achieved. That figure, together with the completed bank selection, suggests a filing could arrive within the next few quarters.
The immediate takeaway is that more IPOs create more opportunities. The better read centers on absorption capacity. The Saudi market has seen robust retail participation and large-scale listings including Saudi Aramco. Adding a $1 billion consumer-tech IPO alongside industrial, water, and telecom names diversifies the Tadawul All Share Index away from its historic energy and banking concentration. Timing is the variable that matters most. If multiple issuers reach the market in the same quarter, institutional order books could stretch, particularly when global emerging-market sentiment is soft. PIF backing provides a cushion; the fund often acts as a long-term holder. That backing does not, however, guarantee aftermarket performance if valuations are set too aggressively.
Alkhorayef Petroleum is preparing to seek regulatory approval after appointing banks earlier this year; a filing would mark the next concrete milestone. Ejada Co.'s renewed approval application signals that a previously paused listing is being reactivated. For Ninja, the bank selection process is a precursor to a formal intention-to-float announcement, which would bring the $1 billion target into public documents. The broader risk to the pipeline remains oil-price direction and regional liquidity conditions. A sustained drop in the Tadawul All Share Index would likely push some candidates to delay, while a stable or rising market would accelerate timetables. For wider context, see AlphaScala's stock market analysis.
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