The Saudi Stock Exchange announced that the shares of Saudi Tadawul Group Holding Company will be listed on its main market starting Wednesday, December 8.
The operator of the kingdom’s stock exchange will trade with the symbol 1111 and ISIN Code SA15DHKGHBH4, with the daily price fluctuation limits set at 30 percent and static price fluctuation limits at 10 percent.
“These fluctuation limits will be applied during the first three days of listing,” the exchange said in a statement. From the fourth trading day onwards, the daily price fluctuation limits will revert to 10 percent, while the static price fluctuation limits will no longer apply.
Saudi Tadawul Group had earlier announced plans to sell a total of 36 million shares, which represent a third (30 percent) of its issued share capital.
Tadawul set the final price of its initial public offering (IPO) at 105 riyals ($27.99) per share, valuing the company at 12.6 billion riyals. Each offer share will carry a fully paid nominal value of 10 riyals.
The company was incorporated on December 12, 2007 as a Saudi closed joint stock company wholly owned by the Public Investment Fund (PIF). Its current capital is pegged at 1.2 billion riyals.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
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