RIYADH: Shares in Saudi Home Loans, a Shariah-compliant real estate financing firm, soared 30 percent on its first day of trading on the Kingdom’s stock market.
The stock made its debut at SR22 ($5.87) and almost an hour later it jumped to SR26, against the initial public offering price of SR20 per share.
The Riyadh-based company now holds a market capitalization of SR2.6 billion as of 11:03 a.m. Saudi time.
SHL earlier raised SR600 million in an IPO, generating orders worth SR1.6 billion from retail subscribers. The book-building was 50 times oversubscribed.
With Tadawul being one of the region’s busiest stock exchanges so far this year, the company is the main market’s seventh listing.