Saudi Miner $67 Million IPO Gains in Debut Despite Iran War

Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co. surged in its Riyadh trading debut, defying ongoing Iranian missile and drone strikes across the Gulf as the war with the US and Israel entered its twelfth day.

Shares in the mining and construction materials firm rose as much as 20% to 54.20 riyals, from the 45 riyal listing price set on Feb. 9, before paring gains to the range of 51.80 riyals. Trading was briefly halted once in the first 20 minutes and again a few hours later. The offering price had been set more than two weeks before hostilities began.