Riyadh Cables closes 12% lower on debut amid active trading

Logo of Riyadh Cables Group Co.

Riyadh Cables Group Co. ended 12% lower on its debut on the Saudi Exchange (Tadawul) today, Dec. 19, at SAR 37.80 per share (SAR 5.20 below the listing price of SAR 43).

Around 13 million shares were traded through nearly 47,000 transactions, valued at SAR 522 million.

Riyadh Cables began trading on Tadawul today, under the capital goods sector, with the symbol 4142 and ISIN Code SA15LGLI0N19.

The daily and static price fluctuation limits of +/-30% and +/-10%, respectively, will apply during the first three days of the 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 cable producer offered 33 million shares, or 22% of its capital, on the main market, at SAR 43 per share, of which 90% were allocated to the participating parties and 10% to individual investors, according to data available with Argaam.

The retail subscription was 671.5% covered, while the participating parties’ IPO was 71.8x subscribed.

Each retail investor received a minimum of eight shares, while the remaining shares were allocated pro rata, based on the demand size of every subscriber to total shares.