Maharah shares continue to surge after closing limit-up on debut

Shares of Maharah surged for the second consecutive day on Wednesday after closing limit up on its debut yesterday.

The stock gained 9.88 percent in the first 15 minutes of trading to reach SAR 83.40. Nearly SAR 20 million worth of shares have been exchanged.

Maharah Human Resources Co. is the third company to list this year, following the listing of Al Moammar Information Systems Co. and Arabian Centers Co.

The company offered 11.25 million shares, or 30 percent of its share capital, in an initial public offering at SAR 69 each. It allocated 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors.