Saudi IPO Spree Deepens Diversification in Stock Market

Saudi Arabia’s economic masterplan to wean its economy off a reliance on oil sales is showing up in one key area: equity offerings. A flurry of share sales by companies from tech startups to financial services firms is diversifying a stock market long dominated by banks and petrochemicals.

Fitness chain BodyMasters and car-rental firm Yelo are among the latest privately-owned firms firming up plans for initial public offerings on the country’s main exchange, according to people familiar with the matter, who asked not to be identified discussing private information.