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(Bloomberg) —
The Saudi Tadawul Group boomed on its trading debut in Riyadh after the exchange raised $1 billion in an initial public offering.
The shares opened at 115.4 riyal before soaring a whopping 21% to 126.6 riyal. Tadawul set the IPO price at 105 riyals per share, the top of an indicative range, after attracting 458 billion riyals ($122 billion) in investor orders.
The IPO, the kingdom’s second-largest this year after ACWA Power International’s $1.2 billion listing in October, comes as countries in the Middle East step up their efforts to sell shares of privately held companies. and increase liquidity in the stock markets.
Saudi Arabia was the leader in the region, with ACWA Power’s listings and Saudi Telecom Co’s internet services unit. – both drew overwhelming demand from investors and rose by the daily limit on their first day of trading. Abu Dhabi has also seen an IPO, while Dubai has announced plans to list some 10 state-owned companies.
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