SAL Saudi Logistics Services shares jump 30% in Riyadh market debut

Cargo business SAL Saudi Logistics Services Co’s shares jumped 30% on their Riyadh market debut on Wednesday after raising $678 million from its initial public offering, in the kingdom’s second biggest deal this year, Reuters reported.

The shares rose as much as 137.80 riyals ($36.73) in early trade on the Saudi Exchange, against an IPO price at the top of the indicative range at 106 riyals a share.

Oil and gas driller ADES Holding Co in September raised $1.2 billion from its initial public offering in the biggest deal this year.