Saudi Pharma Retail Chain Al-Dawaa Surges in Trading Debut
- Al-Dawaa had priced its shares at top of range at 73 riyals
- Riyadh has been the hottest market in the Gulf for IPOs
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Al-Dawaa Medical Services, one of Saudi Arabia’s largest pharmaceutical retailers, jumped on its trading debut in Riyadh after a $500 million initial public offering.
The shares surged as much as 18% to 86.1 riyals. The company had sold shares at 73 riyals, pricing it at the top end of a range after attracting more than $25 billion in bids ahead of its retail offering.