Thob Al-Aseel to debut on Nomu tomorrow

Thob Al-Aseel Co. will start trading shares on the Nomu Parallel Market on Thursday, June 15, 2017, under the symbol 9507, the Saudi Stock Exchange (Tadawul) announced in a statement.

The daily price fluctuation limit will be at 20 percent per unit, the bourse said.

Thob Al-Aseel offered 20 percent of share capital, or three million shares, in its initial public offering (IPO) that started on May 7. Subscription closed on May 18. 

A total of 204 subscribers bought three million shares at SAR 85 each, totaling SAR 383.3 million.

The clothing manufacturer had obtained approval from the Capital Market Authority (CMA) in April to increase the number of offered shares from one million to three million, following its move to hike capital from SAR 50 million to SAR 150 million.

In a separate statement on Wednesday, the Securities Depository Center (Edaa) said it will deposit the additional shares into investor accounts today, June 14.

Earlier this year, Thob Al-Aseel merged with Al-Jedaie Group.  Financial impact will appear on the first earnings statements issued by the company, chairman Faisal Al-Jedaie said.

Thob Al-Aseel, which was set up 30 years ago, was converted into a closed shareholding company in Sept. 2016. It manufactures ready-made, wholesale and retail garments.