Shares in Kingdom Holding Company (KHC), one of the world's largest and most diversified private investment groups, has started trading for the first time on the Saudi Stock Exchange (Tadawul) and risen 19.51 percent to SR12.25. The SR10.25 KHC shares, which are trading on Tadawul services sector, opened at SR13.50 and reached a high of SR14.50 and a low of SR12 during the trading. Subscription for the KHC's initial public offering (IPO), which closed on July 18, saw subscribers investing around SR8.5 billion into the company covering the IPO by 264 percent. A minimum of 50 shares were allocated for every retail subscriber, according to a report published today by Arab News. Prince Alwaleed bin Talal, chairman of KHC, said in a statement that “I am delighted to see our shares start trading on the market and feel confident that the addition of KHC to the Tadawul will benefit investors, the Saudi market and the national economy. I hope investors will recognize the excellent medium to long term opportunity for our shares as we deliver on our proven business strategy and build KHC to even greater heights together with our shareholders.”
