Cargo firm SAL Saudi Logistics Services Co. received orders for all shares in its Riyadh initial public offering hours after books opened on the deal, showing ongoing investor demand for listings in the kingdom.
Saudi Arabia’s biggest airline and another shareholder on Monday said they were seeking to raise as much as 2.54 billion riyals ($678 million) from the IPO. Order books were covered across the price range within a few hours, according to people with knowledge of the matter who asked not to be identified because the matter is private.
A representative for SAL declined to comment.
The deal is the latest indicator of robust sentiment in what is usually the Persian Gulf’s biggest and busiest listings market after a slow first half. A drop in Saudi Arabia’s stock market from the second half of last year through to March on weaker oil prices helped put a brake on listing activity, with offerings only picking up again at the start of the summer.
Earlier on Monday, Lumi Rental Co. surged by the 30% limit on trading debut. And oil driller ADES Holding Co., backed by the kingdom’s sovereign wealth fund, last week drew $76.5 billion in orders for its $1.2 billion IPO — the country’s largest this year.
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