CGS shares end 1% higher on TASI debut

Logo of Consolidated Grünenfelder Saady Holding Co. (CGS)

Shares of Consolidated Grünenfelder Saady Holding Co. (CGS) closed 1% higher today, Dec. 9, at SAR 10.08, compared to the IPO price of SAR 10.

The stock traded between SAR 9.7 and SAR 10.79 during the session.

About 19.2 million shares, worth SAR 192.5 million, changed hands through nearly 17,000 transactions.

CGS started trading on the Main Market (TASI) today under the symbol 4147 and ISIN Code SA16DG520PH3.

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

CGS offered 30 million shares, or 30% of its capital, on TASI. The company’s capital is SAR 100 million, divided into 100 million shares with a nominal value of SAR 1 per share.

The retail IPO tranche was 70.9% covered, based on the 6 million shares allocated to individual investors, representing 20% of the offering.

Meanwhile, the institutional IPO tranche was 61.6x covered.