Saudi mining firm Amak’s shares soar over 60% a week after market debut

RIYADH: Shares in Al Masane Al Kobra Mining Co. have jumped more than 60 percent since the firm joined the Saudi stock exchange a week ago.

A series of gains pushed Amak’s shares to as high as SR102.4 ($27.3) at Tuesday’s closing bell, up from an initial public offering price of SR63 per share.

The miner now holds a market valuation of SR6.8 billion, up from SR5.4 billion on market debut.

In its IPO, Amak saw strong demand from institutional and retail investors, generating SR95.8 billion worth of orders collectively.

The initial share sale came at a time when Saudi Arabia is revamping its mining sector to attract more private investors.