Alramz drops 14% on TASI debut

Logo of Alramz Real Estate

Alramz Real Estate declined by 14% to SAR 60 per share in its first trading session on the Main Market (TASI), compared with the IPO price of SAR 70.

The stock traded today between SAR 60 and SAR 69.75.

Approximately 1.83 million shares worth SAR 118 million were traded through 11,000 transactions.

The company started trading on TASI today, under the symbol 4327 and ISIN Code SA16E1323JH6.

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.

Alramz offered 30% of its capital through the issuance of 12.86 million new shares, representing 30% of its capital following the increase.

The retail IPO tranche achieved 36% subscription of the 2.57 million shares allocated to individuals, representing 20% of the total offering. Consequently, all subscribed shares were fully allocated, with no surplus.

Meanwhile, the institutional IPO tranche was 11.1x covered.