Al Majdiah stock sheds more than 8% in 3rd session on TASI

Logo of Dar Al Majed Real Estate Co. (Al Majdiah)

Shares of Dar Al Majed Real Estate Co. (Al Majdiah) contracted by more than 8% today, Sept. 14, reaching SAR 11.64 in their third trading session on the Main Market (TASI).

The stock traded today between SAR 11.55 and SAR 12.84.

Nearly 14.6 million shares worth SAR 174 million were traded through 23,100 transactions.

The company’s shares were listed and began trading on TASI on Sept. 9, under the symbol 4326 and ISINCode SA16C0723J17, at SAR 14 each.

The daily price and static fluctuation limits are +/-30% and +/-10%, respectively, applying only during the first three days of trading.

From the fourth day onward, the daily fluctuation limit will reset to +/-10%, and the static limits will no longer apply.

The company had floated 90 million shares, representing 30% of its SAR 300 million capital, divided into 300 million shares, at a nominal value of SAR 1 apiece.

A minimum of 10 shares was allocated to each investor in the retail tranche.

Rump shares were allocated on a pro rata basis, based on the size of each investor’s request proportional to total rump shares, at an average allocation factor of 31.8%.

The institutional offering was 107 times oversubscribed.