• Shares of Arabian Drilling Company were up 18%.
• Tadawul’s opening price for the shares was 118 riyals.
• The IPO raised $2.67 billion.

Shares of Arabian Drilling Company (2381.SE), a Saudi oilfield services company, were up 18% over their listing price on their market debut in Riyadh on Monday, indicating that investors are still interested in local IPOs despite the grim global economic outlook.

Tadawul’s opening price for the shares was 118 riyals ($31.40), compared to the initial public offering price of 100 riyals per share.

The IPO, the most recent in a series of Gulf offerings that defied global market trends, raised 2.67 billion riyals.

Arabian Drilling was valued at 8.9 billion riyals, the upper end of a range announced the previous month.

In the IPO, The Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger S.A., which is controlled by Schlumberger (SLB.N), sold a 30% share in the company.

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