(Bloomberg) -- Tanmiah Food Co. jumped 30% on its trading debut in Saudi Arabia, in another sign of pent up demand for initial public offerings in the kingdom.
Shares of the Saudi-based manufacturer and distributor of food and agricultural products surged to 87.1 riyals ($23.22) on Wednesday. More than 19,000 shares were traded by 10:18 a.m. in Riyadh.
Riyadh has been the hottest market for IPOs in the Middle East over the past two years, with new offerings oversubscribed mostly by local retail and institutional investors. Tanmiah is the third company to go public in the kingdom this year, after Theeb Rent A Car Co. and AlKhorayef Water & Power Technologies Co.
Tanmiah completed its book-building process for institutional subscription with a coverage ratio of 9,534%, setting the offer price at the top of its range. Saudi Fransi Capital is the financial adviser, lead manager, bookrunner, and underwriter.
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