MARAFIQ shares rise 3% on debut amid trading of 42.4 mln shares worth SAR 2.1 bln

A plant belonging to Power and Water Utility Company for Jubail and Yanbu (MARAFIQ)

Shares of Power and Water Utility Company for Jubail and Yanbu (MARAFIQ) increased by more than 3% today, Nov. 24, to SAR 47.60 each, compared to its listing price of SAR 46 apiece.

Today, MARAFIQ’s shares began listing and trading on the Saudi Exchange (Tadawul) within the public utilities sector, under the symbol 2083 and ISIN code SA15L0N10HH3.

The stock will have +/-30% and +/-10% daily and static price fluctuation limits, respectively, which will be applied during the first three days of listing. As of the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10% and the static price fluctuation limits will no longer apply.

MARAFIQ floated 73.09 million shares, or 29.24% of its capital, in an initial public offering (IPO) on Tadawul at SAR 46 per share. As much as 70% of these shares were allotted to participating entities and 30% to individuals.

The retail offering was 632% oversubscribed, while institutional offering was 59x covered.

A minimum of 10 shares were allocated per each individual subscriber, while the remainder will be allotted pro-rata, with an allocation factor of 4.91%.