ADES Holding, a Saudi oil and gas drilling and production services company in MENA, experienced a 30% surge above its listing price on its market debut in Riyadh on Wednesday after the company raised $1.22 billion in an initial public offering (IPO) last month.

The company’s shares rose as much as 17.54 riyals ($4.68) in early trade on the Saudi Exchange, surpassing the IPO price set at the top of the indicative range of 13.50 riyals ($3.60) per share.

ADES, headquartered in Khobar, Saudi Arabia, operates a fleet of offshore and onshore rigs across the Middle East, North Africa, and India. The company counts Saudi Aramco, Kuwait Oil Co. and North Oil Company in Qatar as major clients.

The company is partially owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.

ADES’ institutional tranche was oversubscribed multiple times throughout the range within hours of opening last month. The retail tranche was oversubscribed 9.8 times.

EFG Hermes, Goldman Sachs, JP Morgan, and SNB Capital were financial advisers and global coordinators for the IPO.