Main Market vs Nomu: Saudi listing requirements compared (2026)
A Saudi company can list on the Main Market, open to all investors, or on Nomu, the parallel market for qualified investors. The Listing Rules and the CMA's offering rules set a different minimum for each. This guide puts them side by side, with the article that sets each one.
Rules checked against the official texts on 12 October 2026.
Listing criteria at a glance
These are the pass or fail gates. Miss one and the company does not meet the criteria for that market, whatever its governance looks like.
| Requirement | Main Market | Nomu |
|---|---|---|
| Joint stock company | Required | Required |
| Expected market value | SAR 300 million | SAR 50 million |
| Shares held by the public | At least 30% | 20%, or at least 10% worth SAR 50 million or more Source: Listing Rules Art. 7(b)(2); Listing Rules Art. 43(b)(2) |
| Public shareholders | 200 | 50 Source: Listing Rules Art. 7(b)(1); Listing Rules Art. 43(b)(1) |
| Financial years in your main activity | At least 3 years | At least 1 year Source: Offer of Securities and Continuing Obligations Rules Art. 23(3); Offer of Securities and Continuing Obligations Rules Art. 78(a)(2) |
| Years of audited financial statements | At least 3 years | At least 1 year Source: Offer of Securities and Continuing Obligations Rules Art. 23(4)–(5); Offer of Securities and Continuing Obligations Rules Art. 78(a)(3)–(4) |
Process and obligations compared
CMA periods run from a complete file and count business days. The periods below are the ones the CMA and Saudi Exchange texts state.
| Stage | Main Market | Nomu |
|---|---|---|
| CMA review period | 45 days from a complete file (CMA days are business days) | 30 days from a complete file (CMA days are business days) Source: Offer of Securities and Continuing Obligations Rules Art. 30(b); Offer of Securities and Continuing Obligations Rules Art. 85(b) |
| Prospectus published before the offer | At least 14 days before the offer | At least 14 days before the offer Source: Offer of Securities and Continuing Obligations Rules Art. 31(a); Offer of Securities and Continuing Obligations Rules Art. 86(a) |
| Lock-up for holders of 5% or more | 6 months from the first trading day | 12 months from the first trading day Source: Offer of Securities and Continuing Obligations Rules Art. 72(a); Offer of Securities and Continuing Obligations Rules Art. 94(5) |
| Results after listing | Reviewed quarterly results within 30 business days; audited annual results within 3 months | Half-year results within 45 business days; annual results within 3 months Source: Offer of Securities and Continuing Obligations Rules Art. 66(c)–(d); Offer of Securities and Continuing Obligations Rules Art. 94(1)–(2) |
Governance: Nomu is bound by far less
On Nomu only Articles 13(c), 50(b), 51(a), 52, 56 and 88 of the Corporate Governance Regulations are mandatory; the rest are guiding. On the Main Market the whole regulation binds. Nomu companies that later move to the Main Market must then comply in full.
Source: Corporate Governance Regulations Art. 2(c); Listing Rules Art. 46
Routes that skip the public offering
Nomu direct listing
List existing shares without an offering. Market value of SAR 100 million or more, a financial adviser, and either the Nomu liquidity tests at listing or a 12-month liquidity plan.
Source: Listing Rules Art. 45
Merger with a listed SPAC
New in 2026: a private Saudi company that meets the Nomu conditions can reach Nomu by combining with a listed special purpose acquisition company.
Source: Offer of Securities and Continuing Obligations Rules Art. 79
Starting on Nomu and moving up
After two years on Nomu: an average market value of SAR 200 million over 12 months, no accumulated losses, the Main Market liquidity tests, and full compliance with the Corporate Governance Regulations.
Source: Listing Rules Art. 46
Common questions
- What is the minimum market value to list on the Saudi Exchange?
- SAR 300 million on the Main Market and SAR 50 million on Nomu (Listing Rules Art. 7(f); Listing Rules Art. 43(g)). With CMA approval, the Exchange can accept a lower value if it considers there is enough liquidity for the shares.
- How much of the company must the public own?
- Main Market: at least 30%. Nomu: 20%, or at least 10% worth SAR 50 million or more. "The public" excludes holders of 5% or more, directors, senior executives, their relatives and anyone acting with them. The Exchange can accept less with CMA approval.
- How many years of accounts and operating history do I need?
- Main Market: at least 3 years in your main activity and at least 3 years of audited financial statements. Nomu: at least 1 year and at least 1 year.
- Who can buy shares on Nomu?
- Who may buy shares on Nomu: institutions and funds, plus individuals who meet one test, such as SAR 20 million of trades in a year, net assets of SAR 5 million, three years in the financial sector, or the CME-1 certificate.
- Can a company start on Nomu and move to the Main Market later?
- After two years on Nomu: an average market value of SAR 200 million over 12 months, no accumulated losses, the Main Market liquidity tests, and full compliance with the Corporate Governance Regulations.
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Start the assessmentA self-assessment guide, not legal or investment advice. Confirm every point with your advisers, the CMA and the Saudi Exchange.