L'Azurde debuts on Tadawul today

Shares of L’Azurde For Jewelry Company will start trading Wednesday on the Saudi Stock Exchange (Tadawul) under the code 4011 with a fluctuation limit of 10 percent.

The stock is listed under the retail sector index.

The jewelry manufacturer’s listing is the fourth on the Saudi bourse this year, after Al Yamamah Steel Industries Co., Middle East Healthcare Co. (MEAHCO) and Alandalus Property Co.

The new entrant brings up total listed companies to 175, with a total of 17 retailers represented.

L’Azurde recently floated 12.9 million shares in its initial public offering (IPO) at SAR 37 each. Seventy percent of shares were allocated to institutional investors, while the remaining 30 percent were offered to retail investors.

The share sale was 293 percent oversubscribed by the end of the final day,

L'Azurde was incorporated in Riyadh in 1992 as The Saudi Gold & Pearl Factory. It currently has SAR 430 million in capital.

The company designs, manufactures and distributes gold, diamond and precious gemstones.

Major shareholders are L'Azurde Holding Company and Abdullah Abdul Aziz Al Othaim, with 69.99 percent and 0.0023 percent stakes, respectively.