The shares of the Food Development Company “Tanmia” topped the gains of the main Saudi stock market after today’s session, on the first day of its trading in the market.
It increased by a maximum of 30% for 87.1 riyals per share.
The value of trading on the stock during that time was about 2.59 billion riyals, with a trading volume of 29.7000 shares.
Today, the listing and trading of the shares of the Food Development Company began in the main market in the Saudi Tadawul, provided that the daily price fluctuation limits are 30%, up or down, with the application of fixed limits for price fluctuation at 10%, up or down.
“Saudi Tadawul,” said, earlier, that these limits will be applied only during the first three days of listing.
Starting from the fourth trading day, the daily price volatility limits will be reset to 10% up or down, and the fixed price volatility limits will be abolished.
The Saudi stock market fell by 0.41%, equivalent to 46.38 points, to reach the level of 11162.38 points, at the close of trading today.
The value of the market’s trading amounted to about 6.61 billion riyals, through trading about 207.79 million shares.
The Saudi Fransi Capital Company, the financial advisor to the Food Development Company, had announced the end of the public offering of the company’s shares on Tuesday before last.
Saudi Fransi Capital has completed the process of building the order book for the segment of institutions subscribing to the company’s shares, and the coverage ratio reached 9534% of the total offered shares for 67 riyals per share.
The participating entities have subscribed to all the offered shares, as 6 million ordinary shares have been allocated to them, which represent 100% of the total shares offered for subscription as a first stage.
Food Development offered 6 million shares, representing 30% of the Saudi company’s capital.
It is noteworthy that the Saudi Food Development Company has set the price range for its public offering between 59 and 67 riyals per share.
The company is one of the Al-Dabbagh Holding Group companies, which was established about 60 years ago, and it is one of the largest and oldest food-producing companies in the Kingdom.