Shares of Saudi-based Middle East Pharmaceutical Industries Co., known as Avalon Pharma, jumped 30% above their listing price of 82 riyals ($21.86) on debut on Tuesday.

Shares opened at SAR90.20 and rose to SAR 106.60, hitting the daily maximum limit for the first three days, according to LSEG data.

The company raised almost SAR492 million riyals in an IPO which it sold a 30% stake.

(Writing by Brinda Darasha; editing by Seban Scaria)