Derayah Financial closes 30% higher on debut

Logo of Derayah Financial Co.

Shares of Derayah Financial Co. soared 30% on their debut on the Saudi Exchange's Main Market (TASI), closing at SAR 39, up SAR 9 from the listing price of SAR 30.

Nearly 4.3 million shares worth SAR 166.4 million changed hands through 11,660 transactions.

Derayah Financial began trading today, March 10, under the symbol 4084 and ISIN Code SA1690F1VQ15.

The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. 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 49.95 million shares, or 20% of its capital, at SAR 30 per share. The company allocated 90% of the shares on offer to institutional investors, while the remaining 10% was set aside for retail investors. The nominal value per share stands at SAR 2.

A minimum of eight shares were allocated to each investor, while the remaining shares were allocated on a pro-rata basis. The allocation was based on the size of each investor’s requests, compared to the total remaining subscribed shares, with an average allocation factor of 0.4299%.