JEDDAH: Saudi Arabia’s Public Investment Fund achieved gains of SR1.1 billion ($2.9 million) after the strong market debut of the Saudi Tadawul Group.
Tadawul shares rose more than 14 percent during its first trading session following its initial public offering on Wednesday Dec. 8.
The price reached SR119 ($31.7), fluctuating between an intraday high of SR127.6 and a low of SR115.4, according to a bourse filing.
PIF now owns 84 million shares of the company's 120 million shares, with the remaining 36 million shares offered for IPO, according to Al-Eqtisadiah paper.
The fund’s share in Tadawul Group is the seventh largest of its holdings in the Saudi Market, in terms of market value, and the second in terms of ownership percentage, Al Arabiya reported.
