Al Mawarid closes limit-up at SAR 83.20 on debut

Logo of Al Mawarid Manpower Co.

Al Mawarid Manpower Co.’s shares closed limit up at SAR 83.20 on its first trading session in the Saudi Exchange (Tadawul) today, June 19, compared to the listing price of SAR 64.

The stock saw its lowest level today at SAR 70.40.

Nearly 514,400 shares worth SAR 42.5 million were traded through 4,756 transactions.

Al Mawarid shares started trading on Tadawul today under the symbol 1833 and ISIN code SA15QH00SKH0.

Shares are traded with ±30% daily and ±10% static price fluctuation limits. From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10%, while the static price fluctuation limits will no longer apply.

The company offered 4.5 million shares, or 30% of its SAR 150 million capital, at SAR 64 per share. 90% of offered shares were allocated to participating parties, while the remaining 10% were allocated to retail investors.

The retail coverage reached 1644.9%, while the tranche of participating parties was 54x subscribed.

A total of 245,800 retail investors submitted applications for shares worth about SAR 473.7 million.

Each retail investor received a minimum of one share, while the remaining shares will be allocated pro-rata based on the demand size of every subscriber to total shares. The allotment ratio amounted to 2.85%.