Raydan debuts on Tadawul today

Raydan Cuisines and Restaurants Co. starts trading on Saudi Stock Exchange (Tadawul) today, under the Consumer Discretionary sector.

The daily price fluctuation limit stands at 10% per unit, the bourse said in a statement.

Earlier this week, Tadawul approved Raydan’s request to transition its shares from the parallel market to the main market. The company is capitalized at SAR 225 million, divided into 22.5 million shares.

Raydan is the fourth company to transition from Nomu to the main market, bringing up the number of listed firms on Tadawul to 180, excluding the 17 listed REITs. Meanwhile, the number of Nomu-listed companies declined to six.

The stock's opening price on Tadawul is SAR 18.80, based on its last close on Nomu.

Incepted in 1998, Raydan is a catering company that runs several restaurants, retail and wholesale businesses.

Raydan joined the Nomu Parallel market on February 26, 2017.

Raydan's outstanding shares have reached nearly 13.05 million shares, or 58% of its total shares (22.5 million).

Based on the listing rules issued by the Capital Market Authority (CMA), the companies aiming to transition from Nomu to Tadawul should be initially listed on Nomu for two years.

Their board reports should be also disclosed to the public. Those company are required to fully comply with listing regulations on Tadawul, except for market capitalization, as the minimum market cap should stand at SAR 200 million in average six months before submitting transition requests.