Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger, surged in its trading debut after raising $710 million from its IPO in Riyadh, Bloomberg reported.
The shares jumped as much as 20% to 120 riyals on Monday, valuing the company at about $2.8 billion. The company sold the shares at 100 riyals apiece.
Arabian Drilling’s IPO drew $43 billion in orders, and its trading debut comes amid an IPO boom in the Middle East, where stock markets have been buoyed by surging oil prices and investor inflows. Saudi Arabia has accounted for the highest share of IPOs, with 22 listings in the kingdom this year out of 34 in the whole of the Middle East, data compiled by Bloomberg show.
Arabian Drilling was one of the top service firms in Oil & Gas Middle East‘s recent Top 25 OFS list. Read the full list below:
