East Pipes Integrated debuts on Tadawul today

Logo of East Pipes Integrated Company

Shares of East Pipes Integrated Company for Industry begins trading on The Saudi Exchange (Tadawul) today, Feb. 14, with the symbol 1321 and ISIN Code SA15GH80KKH0.

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

This will be the first listing on the main market in 2022.

Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. on March 1, Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), solutions (Sept. 30), International Company for Power and Water Projects (ACWA Power) (Oct. 11), Arabian Contracting Services Co. (Al Arabia) (Nov. 15), Nayifat Finance Co. (Nov. 22), Saudi Tadawul Group (Dec. 8), and Almunajem Foods Co. (Dec. 20).

East Pipes Integrated’s listing will bring the total number of Tadawul-listed companies to 193, excluding 17 REITs.

The company floated 6.3 million shares, of which 630,000 shares were allocated for retail investors. The retail offering was 16 times covered, and a minimum of three shares were allocated for each retail subscriber.

Company Info:

East Pipes Integrated was established as a limited-liability company in Dammam on May 30, 2010, with SAR 500,000 capital.

 
On Sept. 22, 2020, it was converted into a joint stock company, with SAR 76 million capital. The company's extraordinary general meeting (EGM) approved in December 2020 rebranding the company and increasing its capital to SAR 210 million.

The company’s business portfolio comprises manufacturing of pipes, tubes, hollow shapes from iron and steel, as well as tubes connections, in addition to coating metals.

The company is manufacturing the helical submerged arc welded (HSAW) pipes used in the water, oil and gas projects.

It currently runs three factories, enabling it to provide clients with a set of integrated solutions.

Welspun Holding Co. is one of the company’s major shareholders with a 35.01% stake.

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