Al Majed for Oud soars in Saudi IPO

Al Majed for Oud Co., a Saudi Arabia-based perfume maker, surged by the maximum limit in its Riyadh stock market debut, signalling strong demand for Middle Eastern IPOs. Shares rose 30 per cent to 122.2 riyals ($32.53) from an offer price of 94 riyals. The $188-million IPO, representing a 30 per cent stake, was oversubscribed by 156.5 times.

The Middle East has seen numerous IPOs recently, including firms in Oman, Saudi Arabia, and Dubai. Arabian Oud, another Saudi perfume retailer, and Nupco, Saudi’s largest medical procurement firm, are considering listings. Potential IPOs from LuLu Group, Etihad Airways, and an Abu Dhabi catering business are also in the works.

Attribution: Bloomberg

Subediting: M. S. Salama