Middle East’s First IPO Since Tariff Turmoil Drops in Debut

United Carton Industries Co.’s stock fell after the Saudi packaging manufacturer’s $160 million initial public offering in Riyadh, a sign that broader market turbulence may be impacting Middle Eastern listings.

Shares in the firm closed 1.5% lower at 49.25 riyals apiece on Tuesday after rallying as much as 9%. At one point, the shares dropped 2.8% from the offer price of 50 riyals.