Please wait...
GulfBase Live Support
- ADX names Mena start-up Thndr as remote retail trading member
- Mered expands UAE operations with new Abu Dhabi office
- Bahrain All Share Index closes lower, Islamic Index closes higher
- Burjeel reports 129% increase in Q2 net profit, revenue grows 18.7%
- Saudi Maaden H1 profit up 73% on higher sales; revenue hits $4.8bn
- IQ reports QR2bn net profit in H1, approves 26% interim dividend
- 65% Omanis in private sector earn less than RO600
- Local banks record higher credit issuance in June; reflects positive outlook on Qatar economy
- S&P Affirms China's Sovereign Credit Rating at A+ with Stable Outlook
- Saudi stock market may open to global investors, regulator says
28/05/2025 02:12 AST
United Carton Industries Co.'s stock fell after the Saudi packaging manufacturer's $160 million initial public offering in Riyadh, a sign that broader market turbulence may be impacting Middle Eastern listings.
Shares in the firm closed 1.5% lower at 49.25 riyals apiece on Tuesday after rallying as much as 9%. At one point, the shares dropped 2.8% from the offer price of 50 riyals.
It's the first Middle Eastern company to list since US President Donald Trump announced sweeping tariffs on April 2.
UCIC, as the company is known, raised 600 million riyals ($160 million) via the first-time share sale. Its offer price was the top end of a marketed range and implied a market capitalization of around 2 billion riyals. The mixed debut comes despite the firm drawing $20 billion in orders for the offering.
Valuations for the company were also "a bit stretched," which may have contributed to the share price performance, said Chiro Ghosh, vice president for sell-side research at SICO Bank.
The mixed start is a rarity for trading debuts in the kingdom, where companies often hit the maximum price increase allowed on listing day. Although the Gulf is seen as relatively insulated from US tariffs, regional exchanges have been impacted by the turmoil. Saudi Arabia's main stock index is down over 8% since late March. Lower oil prices also threaten the growth prospects of the energy-reliant economies.
Still, several Middle Eastern companies - including an airline, a hospital operator and a real estate investment trust - have pushed forward with plans to go public since the sweeping tariffs were announced and they've seen heavy levels of over-subscription.
United Carton generated 671 million riyals in revenue in the first half of last year and commands as much as 40% of Saudi Arabia's corrugated carton market, according to its IPO prospectus.
Gulfnews
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 52.20 | 0.00 (0.00 |
| SABIC | 57.95 | 0.30 (0.52 |
| SABICAGRINUTRIENTS | 120.10 | -0.10 (-0.09 |
| LIMEINDUSTRIES | 13.08 | 0.28 (2.18 |
| APICO | 43.00 | 5.58 (14.91 |
08/08/2025
Burjeel Holdings, a leading super-specialty healthcare services provider in MENA, has delivered a strong top-line growth of 18.7% to AED1,403 million ($381.98 million) in Q2 2025, driven by a 12.1% i
Trade Arabia
08/08/2025
Saudi Arabian Mining Company (Maaden) has reported a 73% jump in its net profit for the first half, which soared to SAR3.47billion ($924 million) from SAR2.01 billion ($535 million) last year, mainly
Trade Arabia
08/08/2025
Market heavyweight Industries Qatar (IQ) - the holding entity of Qatar Petrochemicals, Qatar Fertiliser and Qatar Steel - has reported net profit of QR2bn in the first half (H1) of 2025.
The
Gulf Times
08/08/2025
Aramex reported group revenues of Dh3.06 billion for the first half of 2025, marking a 1% year-on-year increase, as growth in domestic and regional logistics offset weakness in international express
Gulfnews
08/08/2025
Parkin Company PJSC, the city's largest paid public parking provider, reported a record 56% year-on-year rise in Q2 2025 revenue to Dh320 million, driven by higher public parking tariffs, strong enfo
Gulfnews
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia