First Mills jumps 18% above listing price on debut

Logo of First Mills

First Mills stock ended 18% higher at SAR 70.50 on its debut on the Saudi Exchange (Tadawul) today, June 22, compared to the listing price of SAR 60.

A total of 8.53 million shares changed hands in 37,136 transactions, for a total of SAR 634.04 million.

The stock started trading on Tadawul today with the symbol 2283 and ISIN Code SA15QGU13LH9 at SAR 60 a share.

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

The company offered 16.65 million shares, or 30% of its capital, at SAR 60 per share. 90% of the offered shares were allocated to participating parties, while the remaining 10% were allocated to retail investors.

The retail tranche was 996.9% covered, while the tranche of participating parties was 68.9x oversubscribed.

A total of 334,020 retail investors submitted SAR 995.9 million worth of orders to buy First Mills shares.

Each retail investor received a minimum of four shares, while the remaining shares will be allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio amounted to 2.1552%.