Saleh A. Al Rashed to make TASI debut on March 11

Logo of Saleh Abdulaziz Al Rashed & Sons Co.

Saleh Abdulaziz Al Rashed & Sons Co. will start trading on the Main Market (TASI) on March 11, with the symbol 1324and ISIN code SA16H0MGKM14.

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 limits will no longer apply, the Saudi Exchange (Tadawul) announced today, March 9.

The Securities Depository Center Co. (Edaa) deposited today Saleh A. Al Rashed’s subscribed securities into the accounts of eligible shareholders.

According to Argaam data, the company floated 5.58 million shares on TASI, at SAR 45 each. The offered shares represent 30% of its SAR 186 million capital, divided into 18.6 million shares at a par value of SAR 10 each.

A total of 38,316 retail investors placed nearly SAR 121.5 million worth of buy orders on shares priced at SAR 45 each. The retail offer was 161% oversubscribed. A minimum of 10 shares was allocated per retail investor, while rump shares will be distributed pro rata at an average allocation factor of 55.7%.