What Happens After MENA Tech Companies Go Public?

Public markets are where the venture ecosystem ultimately meets reality. IPOs provide liquidity for investors, valuation benchmarks for late-stage startups, and a signal to founders about what kind of companies public markets are willing to reward.

Across MENA, exits have become one of the most discussed topics in the ecosystem over the past year. While venture funding reached a record high in 2025 and investors are increasingly focused on liquidity, an important question remains: can regional exchanges support successful technology listings?

To explore this question, we reviewed how technology IPOs have actually performed in the region. Despite the global IPO slowdown following the 2021 boom, a number of MENA technology and tech-enabled companies reached public markets across Saudi Arabia, the UAE, Egypt, and Qatar.

This report analyzes 15 MENA tech IPOs between 2021 and 2025, benchmarking their post-listing performance against global and regional equity markets. The findings provide a clearer picture of what determines success after going public and what recent IPO outcomes reveal about exit readiness, investor expectations, and the evolving role of public markets in the region.

This report is a must-read for those seeking to understand whether MENA public markets can support technology exits and what determines their success after listing.

 

📊 Key Takeaways

A closer look into MENA’s Tech IPOs and Public Markets:

• MENA stock markets delivered dramatically different outcomes depending on the country. Between 2021 and 2025, Egypt’s EGX 100 and Dubai’s DFM reported triple digit grwoth, and Abu Dhabi’s ADX nearly doubled, while Saudi Arabia’s Tadawul reported much more marginal gains. 

• The strongest MENA tech IPO performers were not the biggest or most famous companies. Some of the region’s best post-IPO outcomes came from companies with clear revenue models and domestic market leadership. ValU (+1,110%), Fawry (+1,000%), Elm (+484%), and Rasan (+220%) significantly outperformed many larger listings, highlighting that profitability and earnings visibility matter more than hype.

• Large IPOs did not guarantee strong share price performance. Some of the biggest listings struggled after going public. Talabat (-41%), Phoenix (-34%), and Nice One (-49%) traded well below their IPO prices by the end of 2025. This shows that strong IPO demand does not necessarily translate into long-term market confidence.

• Regional exchanges produced more stable outcomes than offshore listings. The weakest results came from companies that listed outside the region. Anghami (-96.5%) and Swvl (-99.2%) lost nearly all their market value after listing through US SPAC transactions, suggesting that MENA tech companies have so far achieved stronger valuation stability on regional exchanges.

🎯 Who Should Read This Report 

This report is designed for stakeholders analyzing the intersection between venture capital, public markets, and technology ecosystems.:

• Venture capital and private equity investors evaluating exit pathways
• Late-stage founders and startup operators assessing public-market readiness
• Institutional investors and public-market analysts tracking regional equity dynamics
• Policymakers and exchange operators supporting capital market development

Where is this data from?

The report was created using data from MAGNiTT, the leading VC and PE data platform across the Middle East, Africa, Pakistan, Türkiye, and Southeast Asia. With data on 34,800+ startups, 22,500+ funding rounds, and 1,300+ exits, MAGNiTT offers a comprehensive directory of technology innovation trends. Learn how MAGNiTT can help your business today!