Investing.com -- Saudi-based packaging manufacturer, United Carton Industries Co., has seen a high demand for its initial public offering (IPO), which could raise up to 600 million riyal ($160 million). This indicates a robust support for listings in the kingdom, even amidst fluctuating markets.

The company’s books were filled nearly three times over at 50 riyals per share, the maximum of the marketed price range. This information comes from Bloomberg, citing individuals with knowledge of the matter. According to these sources, the company experienced demand for all the offered shares within the first hour of subscriptions opening.

United Carton’s shareholders are offering 12 million shares, which represents a 30% stake in the company, as per the prospectus.

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