Zahrat Al Waha debuts on Tadawul as first listing of 2017

Zahrat Al Waha for Trading Co.’s shares will be listed on the Saudi Stock Exchange (Tadawul) today, making it the market’s first listing of 2017, bringing the total number of listed firms to 172, excluding five real estate investment traded funds (REITs).

The company’s shares will have a fluctuation limit of 10 percent and their symbol will be 3007.

Zahrat Al Waha floated 4.5 million shares, or 30 percent of capital. It allocated 900,000 shares, or 20 percent, to retail investors, while 3.6 million shares, or 80 percent, is allocated to institutional investors. The IPO was 263.34 percent oversubscribed by retail investors. 

In 2003, Zahrat Al waha was launched in Riyadh by investor and founder Ahmed Al Theyab with SAR 25 million in capital.

The company increased its capital several times since inception to reach SAR 150 million this year.

Zahrat Al Waha is engaged in factory building and maintenance, manufacturing industries, building and construction, money services, information technology, gas and water, social responsibility, agriculture and fishing, as well as mining and petrol. It produces plastic water bottles, and other plastic products. It currently has four branches.

The company’s market share of plastic water bottles reached 37.6 percent in 2016, while market share of plastic bottle caps reached 21.8 percent.

In 2016, four companies were listed on Tadawul including L’Azurde For Jewelry, Alandalus Property, Saudi German Hospitals, and Al Yamamah Steel.