Almajed Oud to debut on Tadawul on Oct. 7

Logo of Almajed Oud Co.

The Saudi Exchange (Tadawul) announced that shares of Almajed Oud Co. will start trading on the Main Market (TASI) on Monday, Oct. 7, under the symbol 4165 and ISIN Code SA164HF212H1.

The shares will have a +/- 30% and +/- 10% daily sand static price fluctuation limits, respectively.

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These limits will apply during the first three days of listing. From the fourth trading day, the daily price fluctuation limits will revert to +/-10% and the static price fluctuation limits will no longer apply.

The Securities Depository Center Co. (Edaa) added the company’s subscribed securities into the accounts of eligible shareholders on Oct. 1.

The company offered 7.5 million shares, representing 30% of its capital, to the public. It allocated 80% of the shares on offer to participating categories, and the remaining 20% to retail investors, Argaam reported.

The retail offering of Almajed Oud Co. was 821.33% oversubscribed as retail investors subscribed to 1.50 million shares, said Saudi Fransi Capital, the financial advisor, lead manager, book-runner and underwriter on the initial public offering (IPO).

The coverage ratio for participating categories reached 15,646% of the total shares offered (more than 156 times).