Entaj surges 30% on TASI debut

Logo of Arabian Company for Agricultural & Industrial Investments (Entaj)

Arabian Company for Agricultural & Industrial Investments (Entaj) rose 30% in the first trading session on the Main Market (TASI), today, March 17, going limit-up to SAR 65 per share (SAR 15 above the listing price).

Nearly 345,400 shares were traded through around 7,000 transactions, at a total value of SAR 22.4 million.

Entaj began trading on TASI today, with the symbol 2287 and ISIN Code: SA1690P13NH3, at SAR 50/share.

The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. From the fourth trading day onwards, the daily price fluctuation limit will revert to ±10%, while the static price fluctuation limit will no longer apply.

The company earlier floated nine million shares, or 30% of its capital. As much as 90% of the shares on offer were allocated to institutions, while the remaining 10% was allotted to retail investors.

The retail offering coverage reached 30.2x, while the institutional tranche was 208.4x oversubscribed. A minimum of one share was allocated to each retail investor. Rump shares will be allocated pro rata, at an average allocation factor of 1.5%.