UQDC surges 30% on TASI debut

Logo of Umm Al Qura for Development and Construction Co. (UQDC) 

Shares of Umm Al Qura for Development and Construction Co. (UQDC) surged 30% in their debut trading session on the Main Market (TASI) today, March 24, reaching SAR 19.50, up SAR 4.50 from the listing price of SAR 15.

The stock saw a trading volume of 8.5 million shares, with a total turnover of SAR 165 million, executed through approximately 9,500 transactions.

UQDC, trading under the symbol 4325 and ISIN SA169G7I3IH8, was listed at SAR 15 per share, with a nominal value of SAR 10.

The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. From the fourth trading day onwards, the daily price fluctuation limit will revert to ±10%, while the static price fluctuation limit will no longer apply.

The company earlier floated 130.79 million shares, or 9.09% of its capital. As much as 90% of the shares on offer were allocated to institutions, while the remaining 10% was allotted to retail investors.

The retail offering coverage reached 20x, while the institutional tranche was 241x oversubscribed. A minimum of 10 shares was allocated to each retail investor. Rump shares will be allocated pro rata, at an average allocation factor of 1.0316%.