Saudi packaging manufacturer United Carton Industries Co. drew more than $20 billion in orders for its initial public offering (IPO) of shares.
The mentioned result is important as a sign that the high level of interest in Middle Eastern listings remains, despite the turmoil faced by the market amid global tariff shocks.
The packaging manufacturer intends to raise 600 million riyals ($160 million) through the first-time share sale, according to a statement.
The final price of the offering was set at 50 riyals per equity. It is worth noting that this indicator is the top end of a marketed range, which implies a market capitalization of about 2 billion riyals.
According to media reports, the demand for all shares of the packaging manufacturer was recorded within the first hours of opening subscriptions.
It is worth noting that in recent years, the Middle East has become a kind of hotspot for IPOs. It is worth noting that the corresponding state of affairs demonstrates stability and resilience, despite the decline in global volumes of the mentioned procedures. Media reports indicate that bankers working in the Middle East have not recorded a significant dent in their deals, despite tariffs from the United States. At the same time, they warned that lower oil prices pose a risk to growth prospects.
United Carton is one of several regional companies implementing IPO plans, despite tariff-related shocks.
Saudi hospital operator Specialized Medical Co. kicked off a Riyadh listing last week. The low-cost carrier Flynas and technology company Ejada Systems Ltd. are also planning to launch deals soon. The relevant information was published by the media.
United Cartoon’s revenue for 2024 was 1.3 billion rials. This is evidenced by the data contained in the IPO prospectus.
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