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).
