Shares of Al-Saif Matajer Company for Development and Investment “Al-Saif Gallery” recorded strong declines, in its first trading on the main Saudi stock market, today, Tuesday.
Shares of “Al-Saif Gallery” fell by 14.78% at closing at a price of 98 riyals, topping the trading value by about 677 million riyals, through trading of about 6.6 million shares.
The main market index “TASI” recorded gains at the close by 1.28%, at the level of 10.359 points.
Today, Tuesday, the listing and trading of the shares of “Al-Saif Gallery” company began in the main Saudi market, with the trading code 4192 and the international code SA15M1PI1G19.
Tadawul Saudi Arabia said in a previous statement that the trading of the company’s shares will be within daily price fluctuation limits of 30%, up or down, with the application of fixed limits for price fluctuation at 10%, up or down.
She added that these limits will be applied to the shares of Al-Saif Gallery stores only during the first three days of listing, and starting from the fourth day of trading, the daily price fluctuation limits will be reset to 10% up or down, and the fixed limits of price fluctuation will be abolished.
The Al-Saif Stores Company for Development and Investment “Al-Saif Gallery” had announced the successful completion of the final allocation process for the shares offered for subscription in the initial public offering, after the completion of the process of building the book of orders for corporate and institutional investors.
The company stated in a previous statement that the subscription period for individual investors took place on December 5 and 6, 2022, and witnessed the subscription of 88,439 Saudi individual investors, foreign residents in the Kingdom, and citizens of the Gulf Cooperation Council countries, at a value of 325.2 million riyals, at the public offering price of 115 riyals per share.
The company indicated that the percentage of coverage of the offered shares for the individual subscribers has reached 269%.
The total volume of the offering amounted to 1.207 billion riyals, after selling 30% of the total issued shares, 35 million shares, through the sale of the offering shares by the current shareholders of the company.