This picture taken December 12, 2019 shows a view of the sign showing the logo of Saudi Arabia's Stock Exchange Market (Tadawul) bourse in the capital Riyadh. (Reuters)

Arabian Drilling Co shares up 18 percent on Tadawul market debut

Saudi Arabia

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Reuters

Published: 07 November ,2022: 02:33 PM GST Updated: 07 November ,2022: 02:52 PM GST

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.

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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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