First Saudi IPO Since Tariff Turmoil Draws $20 Billion in Orders

The Saudi Stock Exchange in Riyadh, Saudi Arabia.
Photographer: Mohammed Almuaalemi/Bloomberg

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By Laura Gardner Cuesta

May 5, 2025 at 1:25 PM UTC

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Saudi packaging manufacturer United Carton Industries Co. drew more than $20 billion in orders for its initial public offering, a sign that investor appetite for Middle Eastern listings continues despite tariff-induced market turmoil.

The firm is set to raise 600 million riyals ($160 million) via the first-time share sale, according to a statement.