Online Brokerage Derayah Soars in Latest Strong Saudi IPO Debut
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Saudi Arabia’s Derayah Financial Co. surged in its debut after a 1.5 billion riyal ($400 million) initial public offering, a sign that appetite for Riyadh listings continues unabated.
Shares in the online brokerage jumped to as much as 39 riyals apiece on Monday, up 30% from the offer price of 30 riyals per share. That’s the maximum first day increase permitted on the Saudi exchange.