RIYADH: Saudi ice cream manufacturer Arabian Food & Dairy Factories Co., known as Fadeco, saw its shares surge 30 percent on its stock market debut on Sunday.
Its shares jumped to SR92.3 ($24.6) as of 10:50 a.m. Saudi time to lead the gainers on the Kingdom’s parallel market Nomu.
The Dammam-based company’s initial public offering price was set at the top end of an indicative range of SR71, following strong interest from investors.
It raised SR20 million from its IPO of 282,000 shares – representing 20 percent of capital.
Established in 1979, Fadeco is specialized in food manufacturing and is most known for its wide range of ice cream products.