Boursa Kuwait makes public debut, trades at 10 times offer price

SourceZawya
SectorFinancial Markets
CountryKuwait

DUBAI  - Boursa Kuwait made its public debut on Monday at more than 10 times the price its shares were offered to citizens last year, becoming the Gulf's second publicly listed stock exchange.At 0705 GMT, it was trading at 1.032 Kuwaiti dinars ($3.38)per share.Last year, around 50% of its shares were sold to Kuwaitis for 0.1 dinars per share in an initial public offering that was 8-1/2 times oversubscribed.The listing comes just three months before the Kuwait bourse's scheduled inclusion in the MSCI Emerging Markets Index, which was delayed for six months due to the coronavirus pandemic."The listing could not have been timed better," investment firm Sancta Capital said in a research note."We anticipate significant pent-up demand from large local and foreign funds ... given the rarity of listed exchanges ...read more...