MARAFIQ shares to debut on Tadawul on Nov. 23

Logo of Power and Utility Company for Jubail and Yanbu (MARAFIQ)

The Saudi Exchange (Tadawul) announced that the listing and trading of Power and Utility Company for Jubail and Yanbu's (MARAFIQ) shares on Tadawul will start on Nov. 23, under the symbol 2083 and ISIN code SA15L0N10HH3.

Shares will trade with ±30% daily and ±10% static price fluctuation limits, according to a Tadawul statement.

From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, with no static price fluctuation limits.

The Securities Depository Center Co. (Edaa) announced today, Nov. 21, the deposition of the utility's subscribed securities into the accounts of eligible shareholders.

According to data compiled by Argaam, the Capital Market Authority (CMA) approved, on Sept. 26, MARAFIQ's request to float a 29.24% stake, or 73.09 million shares, in an initial public offering (IPO) on Tadawul.

A minimum of 10 shares were allocated per each individual subscriber at SAR 46 each. The retail offering was 632% oversubscribed, attracting total orders of nearly SAR 6.37 billion.

The remaining shares will be allocated pro-rata, with an allocation factor of 4.91%.

MARAFIQ's institutional offering was 59x covered.

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