The IPO market may be cooling off in the West—but in the Middle East, it's still red-hot. United Carton Industries (IPO), Saudi Arabia's top corrugated packaging player, just pulled off a blowout listing. The company raised $160 million after pricing at the top of its range (50 riyals per share), drawing over $20 billion in orders—yes, billion. That's more than 125 times oversubscribed. The final valuation? Around 2 billion riyals, or $533 million. With 2024 revenue at 1.3 billion riyals and a dominant 40% market share, United Carton is more than just a packaging company—it's a packaging powerhouse.
And they're not alone. While the world frets about tariffs and slowdown risks, Riyadh and Dubai are pushing full steam ahead. On the heels of United Carton's debut, Specialized Medical Co. also kicked off its IPO this week. Meanwhile, Flynas and Ejada Systems are lining up, and Dubai just announced plans to list a residential real estate portfolio backed by the emirate's ruler—riding the city's property boom.
Bottom line? While oil price jitters and trade tensions rattle nerves elsewhere, Gulf IPOs are still printing money. Bankers aren't seeing cancellations—they're seeing queues. For investors hunting growth in overlooked places, this may be the clearest signal yet: the Gulf isn't just open for business—it's leading the charge.
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