Experts propose updates to offering methods

The Saudi Capital Market Authority has taken steps to modify and restructure the mechanisms of offerings in the financial market, aiming to improve the quality of listings, enhance transparency, reduce non-serious applications, and activate the responsibilities of relevant parties such as the lead underwriters and vendors. The reforms include obligating lead underwriters to cover the full amount of shares from the start of order book building, improving disclosure standards and financial solvency requirements, and restricting orders that do not reflect a genuine ability to pay. Additionally, the amendments shift greater risk onto lead underwriters while strengthening evaluation and allocation mechanisms, especially for small and medium-sized enterprises, with the goal of increasing market efficiency and making pricing more realistic. The focus is now on the quality of offerings rather than their volume. Experts believe these improvements will support long-term market stability, reduce non-serious applications, and highlight the need for further development in disclosure and governance procedures to ensure more transparent and higher-quality outcomes.

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