Saudi Tadawul Group’s IPO raised $1 billion, with shares rising as much as 22% on Wednesday, marking the biggest exchange IPO since Euronext went public in 2014.
The bourse’s shares were priced at the top of the range last week, at 105 riyals ($27.99) per share. They opened at 115.4 riyals on Wednesday. The offering was 121 times oversubscribed, according to Reuters.
Tadawul’s CEO Khalid Al-Hassan said that the bourse has had 50 applications from companies for IPOs next year and is considering whether to allow SPACs to list on the exchange.
The IPO is the kingdom’s second-biggest this year after the $1.2 billion listing of ACWA Power International in October.
There have been 12 IPOs in Saudi Arabia so far this year, according to the Tadawul’s website.
The Tadawul All Share Index (TASI) is up 2,294.91 (26.55%) over the last year.
