Saudi Arabia’s NCB Rises 10% in Trade Debut After $6 Billion IPO - Bloomberg:
"National Commercial Bank (NCB) jumped the most allowed on its trading debut after raising $6 billion in the Middle East’s largest share sale.
Shares of Saudi Arabia’s largest bank by assets climbed 10 percent to 49.5 riyals at 11:18 a.m. in Riyadh, as 464 million shares traded. The Tadawul All Share Index (SASEIDX), the kingdom’s main measure, gained 0.4 percent.
IPOs in Saudi Arabia, the Arab world’s biggest economy, are picking up as the Tadawul All Share Index plans to open to foreign investors next year as it pursues a $130 billion spending plan to boost non-energy industries. Dammam-based Electrical Industries Co. is the latest company to announce plans for a share sale."
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