Saudi’s Albilad to debut its new ETF on Tadawul after $5mln IPO
Albilad Capital, the investment arm of Islamic lender Bank Albilad, will start trading its exchange-traded fund (ETF) on the main market of Saudi Stock Exchange (Tadawul) on Wednesday.
The Albilad MSCI Saudi Growth ETF will trade with the symbol 9408 and ISIN Code SA160G54J043 with around 10% daily fluctuation limits, the Saudi Exchange said on Monday.
The fund raised SAR19 million ($5 million) in an initial public offering (IPO) that closed on January 24.
Saudi Arabia has recently dominated the region’s IPO market as it continues to implement its diversification strategy to reduce its dependence on oil.
In the third quarter of 2023 alone, the kingdom accounted for five out of the six IPOs in the region, with the highest proceeds from Lumi Rental Co ($291 million), which listed on the Tadawul main market, according to EY.
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