Al-Rasheed debuts on Nomu today as 8th listing of 2024

Logo of Mohammed Hadi Al-Rasheed Co.

Mohammed Hadi Al-Rasheed Co. starts trading on the Nomu-Parallel Market today, May 23, under the symbol 9601 and ISIN code SA162GE4M0H5, at SAR 28 per share.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively, the Saudi Exchange (Tadawul) said in a statement.

For More IPOs

Earlier, the company floated 1.44 million shares on Nomu, representing 12% of its capital. The offering was 683% subscribed, Argaam's data showed.

This is the eighth IPO on Nomu during 2024 after the listing of Pan Gulf Marketing Co. on Feb. 18, WSM Information Technology Co. (Feb. 21), Al-Modawat Specialized Medical Co. (Feb. 25), Quara Finance Co. (March. 7), Al Mohafaza Co. for Education (March 26), TAQAT Mineral Trading Co. (March 28), and Qomel Co. (May 9).

In 2023, Nomu witnessed 35 listings, including six direct listings and 29 offerings to qualified investors plus one REIT.

Al-Rasheed will bring the total number of companies on Nomu to 86, in addition to Alwaha REIT Fund.

Company Profile

The company was initially established as a sole proprietorship in 2000 in Riyadh. It was transformed into a closed Saudi joint-stock company in 2021.

The company currently manufactures marble and granite while specializing in silica sand production and supply as well as gravel production. It also produces and sells asphalt concrete, in addition to contracting and maintenance.