Watani Iron Steel jumps 30% to SAR 48.10 on debut

Watani Iron Steel Logo

Shares of Watani Iron Steel Co. jumped by 30% to SAR 48.10 (+SAR 11.10), compared to the listing price of SAR 37, during its first trading session on Nomu – Parallel Market.

Around 618,000 shares were traded, in 5 transactions, at a total turnover of SAR 25.16 million.

The stock started trading today, Feb. 17, 2021, as the second direct listing on Nomu - Parallel Market, under the symbol 9513 and ISIN Code SA158GIKKKH8.

Watani Iron Steel was established as a limited liability company in August 2008, with shareholders approving converting it into a closed joint-stock company in May 2020, with SAR 121.1 million capital, divided into 12.11 million ordinary shares.

The company's annual production capacity stands at 280,000 tons of billet and 320,000 tons of rebars.

Watani Iron Steel also produces steel rebars using the billet produced at its factory. Its operations are divided between two units: one for producing billet and the other for steel rebars.

On Dec. 30, 2020, the Capital Market Authority (CMA) approved the registration of Watani Iron Steel shares for the purpose of direct listing on Nomu. The trading of the shares will be confined to qualified investors as stipulated in the CMA regulations and rules, according to data compiled by Argaam.