Shares of Arabian Drilling Company, a Saudi oilfield services firm, were up 18 percent above its listing price on its market debut in Riyadh on Monday, in a sign that investors still have appetite for local flotations despite a gloomy outlook for the world economy.
The shares traded at $31.40 (118 riyals) at Tadawul’s open, from an IPO price of 100 riyals a share.
The flotation, the latest in a string of IPOs from the Gulf that have defied global market trends, raised 2.67 billion riyals.
Arabian Drilling was priced at the top end of a range announced last month, valuing the company at 8.9 billion riyals.
The Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger S.A., owned by Schlumberger, sold a 30 percent stake in the company in the IPO.
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