RIYADH: Saudi Tadawul Group Holding Co. had a strong debut on the Kingdom's stock market, with shares rising more than 14 percent two hours into its first trading session.
The price reached SR119 ($31.7), fluctuating between an intraday high of SR127.6 and a low of SR115.4, according to a bourse filing.
The group is categorized under the diversified financials industry and is identified with ticker symbol 1111.
The number of trades executed so far stands at 56440.
Saudi Tadawul Group raised SR3.78 billion riyals via an initial public offering that was 121 times oversubscribed.
The pace of initial public offerings are expected to be quicker in 2022 than they were this year, said the CEO of Saudi Tadawul Group.
About 5-6 percent of Tadawul’s total revenues comes from companies’ IPOs, Khaled Alhussan added in an interview with Al Arabiya.
Each listed company is committed to pay annual fees based on its subscription amount.