Saudi Arabian Cargo Firm SAL Rises 30% After $678 Million IPO
- SAL listing is Saudi Arabia’s second-biggest IPO of the year
- Demand for Saudi IPOs remains robust despite Mideast conflict
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Cargo firm SAL Saudi Logistics Services jumped as much as 30% on its Riyadh trading debut after raising $678 million in the kingdom’s second-largest initial public offering of the year.
Shares in Saudi Arabia’s leading cargo handler opened at 116.6 riyals on Wednesday, up from the offer price of 106 riyals per share, which was at the top of the range. Shares advanced to 137.8 riyals apiece.