Alsaif Gallery shares drop 15% on debut

Logo of Alsaif Gallery

AlSaif Stores for Development & Investment Co. (Alsaif Gallery) stock fell 15% to close its first session at SAR 98 on the Saudi Exchange (Tadawul), compared to the listing price of SAR 115.

Nearly 6.65 million shares were traded through nearly 41,700 transactions, valued at over SAR 677 million.

Alsaif Gallery began trading on Tadawul today under retailing industry group, with the symbol 4192 and ISIN Code: SA15M1PI1G19. 

The daily and static price fluctuation limits of +/-30% and +/-10%, respectively, will be applied 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 company offered 10.5 million shares, or 30% of its capital, on the main market, at SAR 115 per share, of which 90% was allocated to the participating parties and 10% to individual investors, according to data available with Argaam.

Each retail investor received a minimum of 10 shares, while the remaining shares were allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio stood at 9.9%.