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Saudi Internet Services Firm Soars on Debut Amid Gulf IPO Rush

The King Abdullah Financial District in Riyadh, Saudi Arabia.
Photographer: Maya Anwar/Bloomberg
Updated on

Saudi Telecom Co.’s internet-services unit surged on its trading debut in Riyadh after drawing $126 billion in orders for its initial public offering.

Arabian Internet and Communications Services Co., also known as solutions by stc, jumped to 196.20 riyals, hitting the Saudi exchange’s 30% daily trading limit. The company sold shares at 151 riyals apiece, at the top end of its offering range, valuing the company at 18.1 billion riyals ($4.8 billion).