Almajed for Oud to begin trading on the main market
The company offered 7.5 million shares to the public
Dubai: The Saudi Exchange (Tadawul) announces that Almajed for Oud Co. will begin trading on the main market on Monday, October 7, under the symbol 4165 and ISIN Code SA164HF212H1.
For the first three trading days, the shares will have price fluctuation limits of +/- 30 per cent for daily movements and +/- 10 per cent for static price changes.
Starting on the fourth trading day, the daily fluctuation limit will adjust to +/- 10 per cent, and the static limits will no longer apply.
The Securities Depository Center Co. (Edaa) added the company's subscribed shares to the accounts of eligible shareholders on October 1.
The company offered 7.5 million shares, representing 30 per cent of its total capital, to the public, with 80 per cent allocated to participating categories and the remaining 20 per cent to retail investors, according to a report by Saudi financial news portal Argaam.com.
The retail offering was significantly oversubscribed at 821.33 per cent, with retail investors subscribing to 1.50 million shares.
Each subscriber received a minimum allocation of six shares, while the remaining shares were distributed pro rata at a rate of 0.7634 per cent.
For participating categories, the coverage ratio reached an impressive 15,646 per cent of the total shares offered, more than 156 times oversubscribed.