Riyadh: More than five million subscribers who bought shares in the recent Rabigh Refining and Petrochemical Company (Petro Rabigh) IPO were waiting for company to list on the Saudi market on Saturday.
About 217 million shares of PetroRabigh were listed in the Saudi stock market at a price of 21 riyals per share. The IPO was held between January 5 and 12.
About 217.5 million shares will be available. About 162.750 million shares were allocated to Saudi individuals, 54.75 million to institutional investors and 1.5 million shares were kept by the company as investment shares for its employees.
The trading of PetroRabigh's shares come at time when the Saudi Tadawul All-Share Index lost more than 2183.54 points last week.
According to executives at the company, the company's first production is expected to begin within less than six months while the full capacity of the project will start operation by the first quarter of next year.
