(Bloomberg) -- Saudi Tadawul Group Holding set the final price of its initial public offering at the top end of the range, giving the Riyadh-based bourse a valuation of 12.6 billion riyals ($3.4 billion).

Tadawul, as the exchange is known, set the price at 105 riyals per share after an institutional book-building process, according to a statement. The coverage ratio amounted to 121% of total shares on offer.

At that price, the share sale will raise as much as $1 billion for the exchange’s sole shareholder, the Public Investment Fund, from selling a 30% stake. In November, Tadawul had set the price range at 95 riyals to 105 riyals a share.

READ: Saudi Stock Exchange Seeks to Raise Up to $1 Billion in IPO 

The offering comes amid an IPO boom, with companies around the world raising a record of more than $600 billion this year. Against that backdrop, Saudi Arabia has been among the leaders in the Middle East, listing private and family-owned firms as well as companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.

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