SMASCO closes 21% higher on debut

Logo of Saudi Manpower Solutions Co. (SMASCO)

Saudi Manpower Solutions Co. (SMASCO) stock rose by 21% to reach SAR 9.05— SAR 1.55 higher compared to its listing price.

The stock hit an intraday high of SAR 9.75 and a low of SAR 8.25.

A total of 135.71 million shares were traded at SAR 1.26 million through approximately 119,100 deals.

SMASCO started trading on Tadawul today at a price of SAR 7.5 per share under the symbol 1834 and ISIN Code SA562G3GSL11.

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

The company offered 120 million shares, or 30% of its capital, of which 90% were allocated to institutional investors and 10% to retail investors.

The retail coverage reached 13x, while the tranche of participating parties was 128x subscribed.

A minimum of ten shares were allocated per individual subscriber, and the remaining shares will be distributed pro rata, with an allocation factor of 0.92007%.