RIYADH: Shares in Saudi East Pipes surged by more than 6 percent as they debuted on the Saudi stock exchange on Monday.

Ahead of listing, the pipes manufacturer had raised SR504 billion ($134 billion) of proceeds from an initial public offering.

The company, which is based in Dammam, was established in 2010 and specializes in manufacturing steel pipes in the Kingdom.

East Pipes was among the Saudi bourse’s top gainers on TASI, trading between an intraday high of SR90.2 and a low of SR84.4.

At the closing bell, the stock reached SR85, up 6.23 percent from the initial public offering price of SR80.

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