SMC shares dip 3% on debut

One of SMC Hospitals

Shares of Specialized Medical Co. (SMC) traded today, June 25, between SAR 24.12 and SAR 25, compared with the listing price of SAR 25.

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 limits will revert to ±10%, while the static price fluctuation limits will no longer apply.

The company offered 75 million shares, or 30% of its capital, 20% of which were allocated to retail investors and 80% to institutions.

The retail tranche was 1.45x covered, at a total value of SAR 542.2 million, while the institutional offering was nearly 64.7x covered.

Individual investors were allocated a minimum of 10 shares each, while rump shares were allotted on a pro-rata basis, at an average allocation factor of 63.9%.