Shares in Kingdom Holding rose as much as 41% today, as investors rushed to buy into the investment vehicle of Prince Alwaleed bin Talal, who owns large stakes in Western multinationals including Citi and media group Time Warner.

Kingdom launched a €622m ($850m) offering last week that was nearly three times oversubscribed. It sold 315 million existing shares at 10.25 riyals each, valuing its business at $17.2 billion.