Arabian Drilling closes 23% up on debut, 13.6 mln shares traded at SAR 1.6 bln

Arabian Drilling's marine dredger

Arabian Drilling Co. stock closed 23% higher at SAR 123 on debut on the Saudi Exchange (Tadawul), compared to the listing price of SAR 100.

The stock witnessed active trading on 13.6 million shares – nearly 51% of the offered shares – in 70,200 transactions at a total value of SAR 1.6 billion at an average of 194 shares per transaction.

Arabian Drilling began trading on the Saudi Exchange (Tadawul) today under the energy services sector, with the symbol 2381 and ISIN Code: SA15L1I156H7.

The daily and static price fluctuation limits of +/-30% and +/-10%, respectively, will be applied during the first three days of the listing.

These fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10% and the static price fluctuation limits will no longer apply.

The company offered 26.7 million shares, or 30% of its capital, on the main market, at SAR 100 per share, of which 90% was allocated to the participating parties and 10% to individual investors, according to data available with Argaam.