Shares of Umm Al Qura for Development & Construction Co., based in Mecca, increased by 30% to 19.50 riyals (US$5.20) on their first day of trading on the Riyadh exchange.

The company set its initial public offering (IPO) price at 15 riyals (US$4) per share, valuing it at approximately US$5.75 billion.

The US$523 million IPO generated significant interest from institutional investors, with orders totaling US$126 billion.

Umm Al Qura is supported by Saudi Arabia’s sovereign wealth fund and is involved in one of Mecca’s largest development projects, valued at around US$27 billion.