Saudi Developer Umm Al Qura Jumps 30% in Riyadh Trading Debut
Visitors in Mecca, Saudi Arabia.
Photographer: Fayez Nureldine/AFP/Getty Images
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Saudi Arabia’s Umm Al Qura for Development & Construction Co. soared by the maximum allowed limit in its Riyadh debut, following a $523 million initial public offering.
Shares in the Mecca-based developer jumped 30% to 19.50 riyals ($5.20) apiece on Monday. Its offer price of 15 riyals was at the top end of a marketed range, and implied a market capitalization of around $5.75 billion.