CGS falls below IPO price in second TASI session

Logo of Consolidated Grünenfelder Saady Holding Co. (CGS)

Shares of Consolidated Grünenfelder Saady Holding Co. (CGS) dropped 4% today, Dec. 10, to SAR 9.60, compared to the IPO price of SAR 10.

The stock is trading between SAR 9.60 and SAR 10.14 during the session.

Nearly 2.6 million shares changed hands across 4,000 transactions, with a total traded value of SAR 25 million.

CGS started, on Dec. 9, trading on the Main Market (TASI) under the symbol 4147 and ISIN Code SA16DG520PH3.

The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. From the third 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 30 million shares, or 30% of its capital, on TASI. CGS’s total capital is SAR 100 million, divided into 100 million shares with a nominal value of SAR 1 each.

The retail IPO was 70.9% covered, based on the 6 million shares allocated to individual investors, representing 20% of the offering.