Saudi Fitness Firm Surges on Trading Debut, Defying IPO Slowdown

Shares of Sport Clubs Co., a Saudi Arabia-based fitness operator, soared in their trading debut on Tuesday, bucking a streak of muted listings in the kingdom.

The stock rose to 9.3 riyals, up 24% from the offer price of 7.5 riyals, giving the company a market valuation of over 1 billion riyals ($266 million). The broader Saudi stock market fell. The IPO was priced at the top of its range and was 44.1 times oversubscribed, signaling strong investor demand despite a broader market slowdown.

This marks the first listing on the Saudi exchange in the third quarter and stands ...