The first half of 2024 witnessed a continued momentum in the Saudi financial market with a total of eight new initial public offerings (IPOs).
According to market data, there was a mixed performance among newly listed companies on the Tadawul Stock Exchange. Seven out of the eight companies experienced a price increase from their IPO values, whereas one company’s shares declined.
Miahna, a Saudi water treatment company, led the pack with its shares soaring by 147.4%, climbing from an IPO price of SAR 11.50 to SAR 28.45 by the end of the first half of the year.
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Following closely, Reson, an IT solutions firm, saw its shares jump by 84%, closing at SAR 68 compared to its listing price of SAR 37.
The media conglomerate MBC Group also saw a substantial rise of 72% in its share value, ending at SAR 43 from an initial price of SAR 25.
Pharmaceutical manufacturer Avalon Pharma’s shares increased by 60.5%, ending at SAR 131.60 from their IPO price of SAR 82.
Industrial group Talko witnessed a 34% boost in share value, closing at SAR 57.60 compared to the listing price of SAR 43.
The Saudi Human Resources Solutions Company (Samasco) enjoyed a 17.5% increase from its IPO price of SAR 7.5, closing at SAR 8.8. Modern Mills also experienced a rise of 4.06%.
In contrast, Fakieh Medical‘s shares dipped by 5.74%, dropping below its IPO price of SAR 57.50 to SAR 60.80.
It’s noteworthy that the performance of these newly listed stocks defied the overall trend of the Tadawul All Share Index (TASI), which saw a decline at the end of the first half of the year. TASI fell by 2.4%, a drop of 287 points, reaching 11680 points, despite a 3.6% increase during the first quarter.
