Derayah Financial closes 30% higher on TASI debut

Logo of Derayah Financial Co.

Shares of Derayah Financial Co. soared 30% on their debut on the Main Market (TASI) today, March 10, 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 on TASI today, 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 limit will revert to ±10%, while the static price fluctuation limit will no longer apply.

The company offered 49.95 million shares, or 20% of its capital, at SAR 30 per share. It allocated 90% of the offer shares 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, at an average allocation factor of 0.4299%.