Saudi Arabia's largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country's stock exchange, Wednesday morning.
Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) per share just after 10 a.m. in Riyadh.
The company had been aiming to raise 2.8 billion riyals ($747) million.
The price is just a hair above the retail giant's initial pricing at 26 riyals per share, at the bottom of its indicative range, compared with a price range of 26 to 33 riyals per share for 95 million shares being sold.
Arabian Centres Company — which operates, develops and owns 19 malls across 10 cities in Saudi Arabia — is owned by Fawaz Alhokair Group, whose majority shareholder is Saudi billionaire Fawaz Alhokair.
The 17-year-old shopping mall operator had a revenue of $576 million in 2018 — up from $511 million in 2016. Its future plans include the opening of four more malls and one extension in the coming 12 months, according to the company.
—Reuters contributed to this story
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