(Bloomberg) -- United International Holding Co. jumped in its trading debut in Riyadh after a $264 million initial public offering, showing continued appetite for private sector listings in the Middle East.
Shares in the Saudi Arabian financial services firm jumped to 171.60 riyals each in its Dec. 3 debut. That’s up 30% — the maximum allowed — from the offer price of 132 riyals per share, which was the top end of a marketed price range. The rally gave the company a market capitalization of about 4.3 billion riyals.
Its parent United Electronics Co., known as Extra, raised 990 million riyals by selling a 30% stake in the firm.
The IPO was covered 132 times, with orders amounting to 131 billion riyals ($34.9 billion). The offering sold out minutes after books opened in October.
United International is the latest private sector IPO in the Persian Gulf, where state-owned firms have typically dominated new share sales.
Delivery Hero raised $2 billion with the November offering for its Talabat food delivery platform in Dubai, and hypermarket operator Lulu Retail Holdings fetched $1.7 billion with its Abu Dhabi IPO.
In Saudi Arabia, online cosmetics retailer Nice One and hospital operator Almoosa have announced plans to list on Tadawul.
Extra is one of the largest providers of Shariah-compliant consumer finance services in the kingdom through its units — Tas’heel Finance and Procco Financial Services, according to its website.
HSBC Saudi Arabia acted as financial adviser, lead manager and bookrunner on the offering. EFG Hermes KSA was joint bookrunner.
--With assistance from Bre Bradham.
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