United Carton Industries Co.’s stock fell after the Saudi packaging manufacturer’s $160 million initial public offering in Riyadh, a sign that broader market turbulence may be impacting Middle Eastern listings.
Shares in the firm closed 1.5% lower at 49.25 riyals apiece on Tuesday after rallying as much as 9%. At one point, the shares dropped 2.8% from the offer price of 50 riyals.
It’s the first Middle Eastern company to list since US President Donald Trump announced sweeping tariffs on April 2.
UCIC, as the company is known, raised 600 million riyals ($160 million) via the first-time share sale. Its ...
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