RIYADH: Arabian Plastic Industrial Co.’s shares climbed 18.52 percent above its listing price on its market debut on Wednesday, suggesting investors still have an appetite for local initial public offerings.
The shares of the APICO rose to SR32 ($9) in its early trading on Tadawul’s Nomu-Parallel Market, against a listing price of SR27.
APICO offered 1 million shares, or 20 percent, of its SR50 million market capitalization.
The offering coverage was 15.43 times oversubscribed, with the offer price set at SR27 per share.
Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.