First Mills jumps 18% above listing price on debut

22/06/2023 Argaam
Logo ofFirst Mills

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.

 

Stock Performance During Session

Listing Price

SAR 60

--

Closing Price

SAR 70.50

(+18% above listing price)

Highest Price

SAR 78.00

(+30% above listing price)

Lowest Price

SAR 66.00

(+10% above listing price)

Trading Volume

8.53 mln shares

About 51% of the shares on offer

Trading Value

SAR 634.04 mln

--

 

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%.

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