Saudi Perfume Maker Climbs 30% on Debut as IPO Rush Continues

Saudi Arabia-based perfume maker Al Majed for Oud Co. jumped by the maximum allowed in its Riyadh trading debut in a sign that demand for Middle Eastern listings remains robust.

The shares jumped to 122.2 riyals ($32.53), up 30% from the offer price of 94 riyals apiece. The initial public offering — where the company sold a 30% stake for $188 million — had been 156.5 times oversubscribed.

Al Majed for Oud has around 300 stores across Saudi Arabia and other Gulf countries.

Source: Al Majed For Oud

The Middle East has seen a flurry of share sale announcements over the past months, including from an exploration and production unit in Oman, two flour millers in Saudi Arabia ...