Al Majdiah shares fall 1% in 1st TASI trading session

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

Shares of Dar Al Majed Real Estate Co. (Al Majdiah) declined by more than 1% in their first trading session on the main market, closing at SAR 13.83, down SAR 0.17 from the IPO price of SAR 14.00.

The stock traded during today’s session between SAR 13.40 and SAR 14.46. The stock witnessed active trading on 39 million shares worth nearly SAR 547.4 million through about 48,000 transactions.

The company’s shares started trading on the Main Market (TASI) today, Sept. 10, under the symbol 4326 and ISIN Code SA16C0723J17, at SAR 14 per share.

The stock trades in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. Starting the fourth trading day onwards, the daily price fluctuation limit will revert to ±10%, while the static price fluctuation limits will no longer apply.

The company offered 90 million shares for public subscription, representing 30% of the company's capital of SAR 300 million divided into 300 million shares at a SAR 1 par value each.

The retail IPO was 278% covered and a minimum of 10 shares was allocated to each investor in the retail tranche.

Rump shares will be 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 statement added.

The institutional offering was nearly 107x covered.