Riyadh Steel debuts on Nomu today

Logo of Riyadh Steel Co.

Riyadh Steel Co. shares will be listed and begin trading on the Nomu-Parallel Market as of today, Dec. 3, under the symbol 9588 and ISIN Code SA15TG8KLQ14, at SAR 17 per share.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively.

The company floated one million ordinary shares, or 20% of its SAR 50 million capital, according to data available with Argaam. The initial public offering (IPO) was 223% covered.

Riyadh Steel’s listing raises the number of companies listed on Nomu in 2023 to 33, including six direct offerings and 27 IPOs for qualified investors. 

Nomu saw 32 IPOs last year, including 13 direct listings, 18 offerings for qualified investors, and a real estate investment fund.

Riyadh Steel’s debut brings the total number of Nomu companies to 77, in addition to the Alwaha REIT Fund.

Company Profile

Riyadh Steel was established as a branch of a sole proprietorship under the name Maan Bin Hamad Al-Jasser Iron Rolling Factory in Riyadh in 2000. It was then converted into a limited liability company in 2001 and into a joint-stock company in 2022, with its current capital amounting to SAR 50 million.

The company's activities, according to its commercial register, include manufacturing iron sheets, plates, strip rolls, bars, rods, angles, wires, and sections of all forms.

Riyadh Steel, according to its Articles of Association, practices manufacturing, wholesale and retail, repair of motor vehicles and motorcycles, transportation and warehousing, construction, information technology, and real estate activities.