TASI: Cherry Trading to debut on Dec. 1

The institutional tranche of Cherry Trading’s IPO was nearly 85.6x covered.

Cherry Trading Co. will begin trading on the Main Market (TASI) on Dec. 1 under the symbol 4265 and ISIN Code SA16DGE22KH2.

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.

In a separate statement on Tadawul, the Securities Depository Center Co. (Edaa) announced the addition of the subscribed securities of Cherry Trading to the accounts of eligible shareholders today, Nov. 27.

According to data available on Argaam, the company offered 9 million shares, representing 30% of its SAR 300 million capital, divided into 30 million shares, at a par value of SAR 10 each.

The institutional tranche of the share sale was nearly 85.6x covered.

The retail offering attracted 81,010 investors at a final offer price of SAR 28 per share. Total demand reached approximately SAR 326 million, resulting in a coverage ratio of 647%.

A minimum of 10 shares was allocated to each investor in the retail tranche, while the remaining shares were allocated pro rata based on each investor’s subscription size relative to the remaining offered shares. The average allocation factor was 9.1%.