Saudi Tadawul Group has received 50 applications for initial public offerings (IPO) next year, of which 20 percent to 25 percent are for main-board listings, its group chief executive Khalid al-Hussan said on Wednesday.
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“As far as the market momentum, I think the markets are still very solid, in regards to IPOs. It is just a fantastic time for us,” Hussan said after Tadawul, the bourse owner and operator, made the debut of its shares earlier in the day.
Hussan said Tadawul was looking at SPACs model closely, with expectations that there would be potential demand from the kingdom for such listings, but added that there has been no legal framework proposed as yet.
Shares in Saudi Tadawul Group opened almost 10 percent above its listing price in its Riyadh market debut on Wednesday.
The bourse’s shares were priced at the top of the range last week, at 105 riyals ($27.99) per share. They opened at 115.4 riyals on Wednesday.
The group raised 3.78 billion riyals ($1.01 billion) via an initial public offering (IPO) that was 121 times oversubscribed.
The Saudi Tadawul Group was established in March 2021, following the transformation of the Saudi Stock Exchange (Tadawul) into a Holding Group structure.
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