RIYADH: Riyadh-based Obeikan Glass Co. has seen its shares soar 30 percent on its stock exchange debut, topping Saudi exchange’s parallel market, Nomu.

Shares hit SR88.4 ($23.6) at noon Saudi time, after the price guidance was set at SR68.

The company’s chief Fayez Abdulrazzag told Argaam that “the company’s management is working on finalizing the required paperwork to transition to the main market.”  

The decision to list came amid expansion plans to new transformative industries, which the executive said will “strengthen its financial position, enhance shareholders’ equity and have a positive impact on the company’s market value.”

He revealed a positive outlook for the firm’s financial performance going forward, supported by better selling prices and plans to reduce costs.

Addressing the supply chain crisis which weighed on businesses all over the world, Abdulrazzag said it had no impact on Obeikan’s operations, particularly in 2021.

The glass manufacturing company, which was founded in 2007, holds 50 percent of the Kingdom’s float glass market, according to the CEO. It exports its products to over 45 countries across the globe.

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