Saudi Exports organizes trade mission of over 30 manufacturers to Oman

RIYADH: Saudi Arabia’s Scientific and Medical Equipment House, SMEH, topped the gainers on Saudi Arabia’s main index, TASI, on its first-day listing, with shares jumping 30 percent.

Amid trading of almost 7 million shares on Monday, the stock hit SR67.6 ($18), after the final offer price was set at SR52.

This follows strong demand from institutional investors who had earlier poured $84 million in an initial public offering that was 65 times covered.

The IPO of the healthcare firm was also 34 times oversubscribed by retail investors, generating up to SR1.06 billion.  

The decision to list comes as the company aims to strengthen its position in the Kingdom’s operations, maintenance, and healthcare sector, Basel bin Saud Al-Arifi, SMEH’s chairman, said in a statement earlier this year.