Via Matt Smith in agbi.com: Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London Stock Exchange Group (LSEG). Eleven of these companies trade at above their IPO price as of market close on January 12 and nine are up more than 10 percent. These gains come despite the wider market’s stutters, with the main index near-flat over the past 12 months. This bodes well for this year’s IPOs. Five companies have approval to go public, including Derayah Financial, technology business Ejada Systems, animal feed maker Arabian Agricultural Investments and packaging company United Carton Industries. About 30 more are awaiting the regulatory nod to do likewise.
