'Today we mark a significant milestone for our transformation,' Saudi Tadawul Group CEO Khalid Al Hussan told CNBC's Dan Murphy on Wednesday.
Shares of Saudi Tadawul Group, the owner of the kingdom's $2.5 trillion dollar bourse, soared more than 20% on debut Wednesday as the appetite for Gulf listings heats up.
Priced at 105 Riyals per share and oversubscribed by 121 times, the stock exchange operator opened at 115.4 riyals on Wednesday, 10% above the company's listing price. The share sale raised as much as $1 billion for the group's only shareholder, the Public Investment Fund, which is tasked with investing to diversify the Saudi economy and advancing the kingdom's Vision 2030 agenda., is the second-biggest of the year after the $1.2 billion listing of utility company ACWA Power in October. The float of Saudi Telcom's internet service unit in September also drew significant investor interest, underscoring hot demand for Saudi floats.
Al Hussan said the exchange operator was "keeping a very close eye" on the UAE's decision to change its market trading days, but no decision had been made yet to follow the UAE's lead.
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